Mortgage Calculator Advanced
Explore how extra monthly payments can reduce interest and shorten your loan. All calculations are performed locally in your browser—no data is sent to any server.
Calculator Inputs:
- Loan Amount: The principal amount borrowed (in dollars)
- Annual Interest Rate: The yearly interest rate as a percentage (e.g., 6.5 for 6.5%)
- Loan Period: The total number of years to repay the loan
- Additional Monthly Payment: Any extra amount paid each month toward principal (optional)
Results:
How Extra Payments Work:
When you pay extra each month, that amount goes directly toward reducing the principal balance. Since interest is calculated on the remaining balance, paying extra:
- Reduces the total interest you'll pay over the life of the loan
- Shortens the time it takes to pay off the loan
- Builds equity faster in your home
⚠️ Important Disclaimers:
- Loan Amount Only: This calculator estimates payments based solely on the loan principal, interest rate, and term. It does NOT include:
- Property taxes
- Homeowners insurance
- HOA fees
- PMI (Private Mortgage Insurance)
- Origination fees, closing costs, or points
- Prepayment penalties or other adjustments
- Not Financial Advice: This tool is for educational estimation purposes only. It is not professional financial, tax, or legal advice. Always consult with a qualified mortgage lender, financial advisor, or tax professional for accurate loan quotes and personalized recommendations.
- Accuracy: Results are approximate. Actual payments may vary based on your lender's terms, fees, and market conditions.
- Extra Payments: Some lenders may impose prepayment penalties. Check your loan documents before making extra payments.