Mortgage Repayment Calculator
Calculate how extra payments affect your loan term and interest
Enter Your Mortgage Details
Your Mortgage Summary
Month | Payment | Principal | Interest | Extra | Balance |
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💡 How It Works
Understanding Your Mortgage
Your monthly mortgage payment consists of two parts:
- Principal: The amount that reduces your loan balance
- Interest: The cost of borrowing money
Extra Payments Impact
When you make extra payments, the entire amount goes toward reducing your principal balance. This has a compounding effect:
- Reduces future interest calculations
- Shortens your loan term
- Saves you thousands in interest over time
Negative Extra Payments
If you enter a negative extra payment, we’ll calculate how paying less each month would:
- Extend your loan term
- Increase total interest paid
- Delay your payoff date
💡 Pro Tip
Even small extra payments can make a big difference over time. Adding just $50-100 per month to your mortgage payment could save you thousands and cut years off your loan.
Mortgage Repayment Calculator
A Mortgage Repayment Calculator is one of the most powerful tools homeowners can use to understand their loan better. Whether you’re just starting a new mortgage or already several years in, this calculator helps you see how monthly payments, interest, and extra contributions affect your payoff timeline.
By entering your current mortgage balance, interest rate, and monthly payment, you can calculate how much of your payment goes toward principal and interest. Add in extra payments, and you’ll see how much faster you can pay off your mortgage and how much interest you’ll save over the life of the loan.
Learn how different repayment strategies impact your loan using other tools in our Loan Calculators section. You can compare amortization schedules, calculate interest-only plans, or analyze payment timelines for smarter budgeting.
Why Use a Mortgage Repayment Calculator?
Mortgages can span decades, which makes it hard to visualize how each payment affects your loan. A repayment calculator breaks this down:
- Understand repayment schedules: See how your loan balance decreases month by month.
- Test extra payments: Add even a small extra payment to discover how much interest you’ll save.
- Run reverse scenarios: Use negative extra payments to explore paying less than your current payment.
- Create an amortization schedule: Get a clear table of how each payment applies to principal and interest.
This tool is useful whether you want to speed up repayment or simply understand your financial position.
Key Inputs for the Mortgage Repayment Calculator
To get accurate results, you’ll need to provide the following details:
1. Current Mortgage Balance
This is your outstanding loan principal. For a new loan, it’s the original amount borrowed. For an existing mortgage, check your latest statement for the current balance.
2. Interest Rate
Use the annual nominal interest rate (the stated loan rate). Remember, this is not the APR (Annual Percentage Rate), which usually includes fees.
3. Current Monthly Mortgage Payment
This is the payment applied only to principal + interest, not taxes, insurance, or escrow. Check your statement: usually, it lists how much of your payment goes to principal and how much to interest. Add those together for this input.
4. Monthly Extra Payment
This is any additional amount you plan to pay toward the principal each month. Even small amounts—like $50 or $100 extra—can dramatically shorten your loan term and reduce interest.
How the Mortgage Repayment Calculator Works
Every mortgage payment consists of two parts:
- Interest: The cost of borrowing, calculated on the outstanding balance.
- Principal: The portion that reduces your loan balance.
By adding extra payments toward the principal, you reduce the balance faster. This lowers future interest charges and shortens the term of your loan.
The Mortgage Repayment Formula
When you want to calculate how many months are left on your loan based on payment size, use this formula:
n = -log(1 – (PV × i / PMT)) / log(1 + i)
Where:
- n = number of months
- PMT = monthly payment (principal + interest only)
- i = monthly interest rate (annual rate ÷ 100 ÷ 12)
- PV = present value (mortgage balance)
This formula helps you estimate how long it will take to pay off your loan under different payment scenarios.
Example: Saving with Extra Payments
Let’s say:
- Mortgage balance: $250,000
- Interest rate: 6% annually
- Monthly payment: $1,500 (principal + interest)
- Extra monthly payment: $200
Without extra payments, it would take 30 years to pay off. By adding $200 each month:
- You pay off the mortgage about 5 years earlier.
- You save more than $40,000 in interest over the life of the loan.
Amortization Schedule
An amortization schedule shows exactly how each payment is split between principal and interest. It also displays the remaining balance after each month.
Month | Payment | Principal | Interest | Balance |
---|---|---|---|---|
1 | $1,500 | $250 | $1,250 | $249,750 |
2 | $1,500 | $252 | $1,248 | $249,498 |
3 | $1,500 | $255 | $1,245 | $249,243 |
… | … | … | … | … |
With extra payments, the principal portion grows faster and the loan balance drops more quickly.
Benefits of Using the Mortgage Repayment Calculator
- Visualize debt reduction: Watch your balance decrease over time.
- Plan better: Run scenarios before committing to extra payments.
- Save interest: Discover how much money you’ll keep in your pocket.
- Stay motivated: Seeing progress can inspire you to stay consistent.
Related Calculators
If you want to test different scenarios:
- Loan Repayment Calculator – Change the loan term and see how it affects monthly payments.
- Compare to a regular Mortgage Payment Calculator to see your savings.
- Get a detailed amortization breakdown using the Amortization Equal Principal Payments Calculator
A Mortgage Repayment Calculator gives you control over your financial future. By exploring different repayment strategies, you’ll see how powerful even small extra payments can be. Whether you want to shave years off your mortgage or just better understand your payment structure, this tool makes your path clear.
Instead of letting your mortgage control you, use the calculator to create a plan that works in your favor—and save thousands in interest while becoming debt-free sooner.