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Enter your loan details to see the monthly payment instantly. Add an extra monthly payment to see exactly how much interest you save and how many years you shave off.
Principal & interest only — taxes and insurance not included.
Monthly payment uses the standard amortization formula: M = P·r/(1−(1+r)−n), where P is the loan amount, r the monthly rate, n the number of payments. Extra payments go straight to principal, so every extra dollar avoids all the future interest it would have accrued.
On a $350,000 loan at 6.5% over 30 years, adding $200/month saves roughly $100,000+ in interest and cuts about 7 years off the loan. Try your own numbers above.
Principal and interest only. Property taxes, homeowner's insurance and PMI are not included — add those separately for your full housing cost.
A dollar paid in year 1 avoids ~30 years of interest; the same dollar in year 25 avoids almost none. Earlier is always better, and monthly extras beat a yearly lump sum made at year-end.