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Honest Figures

Buying a home

Mortgage Extra Payment Calculator

Adding $300 a month to a $320,000 loan at 6.5% saves about $138,446 in interest and clears the mortgage roughly 8 yr 10 mo early. Small, steady extra payments do a surprising amount of work. Enter your loan, rate and the extra you'd add each month below.
Interest Saved
$138,446
saved in interest, 8 yr 10 mo sooner
6.50%
$300
Interest without extra$408,142
Interest with extra$269,696
You save$138,446

A guaranteed return

Paying down a mortgage early is one of the few sure things in personal finance. Because the extra goes straight at the balance, it saves you the interest you would have paid, which is effectively a risk-free return at your mortgage rate. On a 6.5% loan that is hard to beat safely. The catch is that the money is locked in the house until you sell or refinance, so build an emergency fund and clear any higher-rate debt first. After that, even $100 a month makes a real dent.

Compares the interest on your loan with and without the extra payment. Principal and interest only. Not financial advice.

IRS · 2026
37%
top federal rate, from $640,600 (single)

The first dollars are taxed at 10%. Only income above each cutoff moves up a rate.

See your effective rate

Common questions

Is it worth paying extra on a mortgage?

Yes, in most cases. The extra earns a guaranteed return equal to your rate and shortens the loan by years. Just keep an emergency fund and clear higher-rate debt first.

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