Calculate mortgage extra payments for real estate investments and properties
Enter loan details and choose extra payment frequency (monthly, annually, or one-time). See how extra payments reduce payoff time and interest.
On a $350,000 loan, a one-time $10,000 extra payment in year 1 saves $28,400 in interest and shortens loan by 2.5 years.
No, they reduce balance and shorten loan term. Your required payment stays the same. Consider recasting loan if you want lower monthly payments.
Early in loan term provides maximum interest savings. But any time you have extra cash and low investment alternatives, extra payments make sense.
If you can earn more than your mortgage rate investing (after-tax), invest. Guaranteed mortgage return vs potential investment risk.