Home Loan Amortization Calculator With Extra Payments

Use our Amortization Calculator to see how your mortgage is paid down over time. This easy tool breaks down each payment into principal and interest, giving you a clear view of your loan balance month by month.

You can customize your results with extra payment options to reduce interest and shorten your loan term. Try interest-only payments to see how they affect your early loan years, or switch to a bi-weekly payment plan to accelerate payoff and save money. You will find a payment Q & A below the amortization schedule.

Frequently Asked Questions

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Are there any costs when paying off your mortgage early?

Some lenders charge a fee known as a prepayment penalty if you pay off all or part of your mortgage ahead of schedule. This type of charge is typically disclosed and agreed to during closing. Not all mortgages include this penalty, so it's important to review your loan terms. These fees often apply when the full loan is paid off within the first few years - commonly after selling your home or refinancing. In some cases, making a large lump-sum payment toward your balance may also trigger the penalty. However, smaller extra payments made over time are usually allowed without issue. It's always smart to confirm your lender’s policy first.

Is it possible to make a large payment toward my mortgage?

Yes, most lenders will accept large or extra payments without penalty. Doing so lowers your outstanding balance and reduces the risk of default. You can use an FHA amortization calculator to see how an extra payment impacts your loan over time.

Can I make extra payments directly to my loan principal?

Most mortgage lenders do allow you to put additional money toward your principal. For instance, you might choose to add $50 or $100 to your monthly payment, or even make an extra full payment once a year. This strategy helps reduce the total interest paid over the life of the loan. Speak to your servicer prior to making any extra payments. Your servicer may have specific requirements for extra payments

Will I receive my escrow balance back if I refinance?

Yes. When you refinance, any unused funds in your escrow account are typically refunded to you.

Does paying more toward the principal lower the interest I owe?

While your monthly payment stays the same, paying extra toward the principal does reduce the total interest you’ll pay over time. That’s because interest is calculated on the remaining loan balance, which decreases faster with additional principal payments.

What can I do to lower my escrow payments?

While your base mortgage payment won’t change unless you refinance, you might be able to lower the escrow portion. Consider appealing your property tax assessment or shopping for more affordable homeowners insurance. If you're paying mortgage insurance, talk to your lender about options for cancellation or reduction.