How it works

The model compares the original fixed payment with a payment increased by the extra amount. It assumes a fixed rate, monthly payments, and no early-repayment penalties or fees.

Standard formulacompare standard amortization with payment + extra payment

Worked example

Enter the current balance and remaining term, then increase the extra payment to see the estimated reduction in interest and months.

Frequently Asked Questions

Does this use the original mortgage amount?

No. Enter the current outstanding balance and remaining term.

Are fees included?

No. Lender fees, penalties, taxes, and insurance are excluded.

Can extra payments be zero?

Yes. The result then compares the standard schedule with itself.

Is this financial advice?

No. Confirm your lender rules and personal situation before changing payments.