Mortgage Payment Calculator with Extra Payments
Calculate your monthly mortgage payment including taxes and insurance (PITI). Use the extra payments section to see how much money and time you can save by paying off your loan early.
Calculate Mortgage Payments with Extra Payments
Using a mortgage calculator with extra payments is the best way to see the power of compound interest working in your favor. Even a small additional payment each month can knock years off your loan term and save you tens of thousands of dollars in interest.
How Extra Payments Work
When you make your standard mortgage payment, most of it goes toward interest in the early years. By adding an "extra payment" directed at the principal:
- You reduce the principal balance immediately.
- Less interest charges accrue on the remaining balance next month.
- More of your next standard payment goes toward principal.
Strategies for Early Payoff
- Bi-weekly Payments: Paying half your mortgage every two weeks results in 26 half-payments (13 full payments) per year.
- Round Up: If your payment is $1,240, pay $1,300. The extra $60 adds up!
- Tax Refunds: Apply your annual tax refund as a lump sum principal payment.
Understanding PITI
Remember that your monthly housing cost is more than just the loan. It includes Principal, Interest, Taxes, and Insurance (PITI). Ensure you budget for property taxes and homeowners insurance, which can fluctuate year by year.