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Prepayment planning

An embeddable extra payment calculator that shows you who has room in the budget

The extra payment calculator adds a fixed monthly amount to the standard principal-and-interest payment and reports the time saved, the new payoff date and the interest saved. The extra monthly figure is a borrower telling you, unprompted, how much surplus cash flow they have, which is one of the more useful things a loan officer can learn early.

The one calculator where borrowers volunteer how much spare money they have each month.

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  • 5 results
  • Included on every plan
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Start free on Originator What the numbers tell you about the borrower
Live calculator

This is the calculator your visitors use. Enter numbers to see it work.

Refinance & Payoff

When does a borrower start modelling extra mortgage payments?

Often right after a pay increase, a debt payoff or a budgeting app shows them surplus at month-end. Some are buyers testing whether a 30-year loan with voluntary prepayment beats committing to a 15-year payment.

Their question is simple: what does an extra $200 actually buy? On a $300,000 loan at 7% over 30 years, the required payment is about $1,996. Adding $200 a month in this illustrative case retires the loan roughly seven years early and avoids around $116,000 of interest. The concern behind it is flexibility. They want the savings without locking themselves into a higher required payment they might struggle with in a bad year.

What does an extra payment lead tell a loan officer?

More than most calculators do. Extra Monthly Payment is surplus income the borrower has already identified, and that number feeds directly into your pre-qual thinking: a borrower comfortable adding $400 a month may support a shorter term or more house than their first estimate suggested, subject to DTI.

The lead record shows Loan Amount, Interest Rate (%), Loan Term (years) and the extra amount, along with the time and interest saved. If the loan amount looks like a purchase-size figure, treat them as a buyer weighing term choice and point them to the 20 vs 30-year comparison. If it looks like a remaining balance, they are a current owner and belong in your homeowner nurture.

On your site, place this calculator inside a multi-calculator widget beside the payment and bi-weekly tools, so visitors move between them without leaving. Each run is appended to the same contact, so you can see the full path: payment estimate first, then prepayment, then maybe affordability. That sequence is a good proxy for how serious they are.

What arrives in your CRM

What the numbers tell you about the borrower

  • Extra Monthly PaymentVoluntary surplus cash flow. A sizeable figure relative to the standard payment suggests room in the budget, which may support a shorter term; confirm with real income and debts before assuming it.
  • Loan AmountThe field accepts either an original or a remaining balance. A figure ending in round thousands near local price points usually means a buyer; an odd figure like $261,480 usually means a current owner reading their statement.
  • Time SavedIf the borrower stops on a scenario saving seven or more years, they care about being debt-free early. Lead with term options and total cost rather than the lowest possible payment.
  • Interest Rate (%)A high rate on what looks like an existing balance marks a future refinance candidate. Note it in the contact record so a rate-drop campaign can reach them later.

A first message that uses their numbers

How should you follow up on an extra payment calculator lead?

Hi {first name}, nice work running an extra {extra amount} a month through the calculator. Some borrowers in your spot compare that plan to simply choosing a shorter term, and the right answer depends on how much flexibility you want. Happy to walk through both with you if that would help.

Avoid implying the borrower qualifies for a shorter term or larger loan based on this tool alone; qualification depends on documented income, debts and credit.

Where this calculator earns its place

  1. 01

    Mortgage calculator widget alongside payment and bi-weekly tools

    Visitors compare prepayment strategies in one place and each run lands on the same contact.

  2. 02

    Blog posts on paying off a mortgage early

    Readers arriving from search already want this answer and are likely to engage with the numbers.

  3. 03

    Past-client quarterly newsletter

    It gives homeowners a practical tool and refreshes your knowledge of their balance and rate.

Limits worth knowing

  • Savings assume every extra dollar is applied to principal; some servicers apply unlabeled extra funds to the next scheduled payment instead.
  • If the loan has a prepayment penalty, some of the interest saved could be lost; the calculator assumes none.
  • The extra amount is entered as constant; real borrowers often stop or skip extra payments, so treat the result as a best case.

Calculator disclaimer: Estimates only. Savings assume every extra payment is applied to principal and that your loan has no prepayment penalty. Confirm with your servicer.

Definitions in the calculator

Extra payment
Money paid on top of the required monthly payment and applied directly to principal. Because interest is charged on the remaining balance, each extra dollar lowers the interest on every later payment and shortens the payoff. This calculator assumes the same extra amount every month and that your servicer applies it to principal.
Principal
The amount borrowed, or the part of it still owed, not counting interest. Each regular payment is split between interest and principal, and only the principal portion lowers the balance. Extra payments go entirely to principal, which is why they cut total interest faster than the same amount paid as interest.
Amortization
Paying off a loan through equal periodic payments that cover interest first and then principal. Early in the schedule most of each payment is interest, so extra principal paid early has the largest effect. The calculator reruns the amortization schedule with your extra payment to find the new payoff date.
Interest saved
The difference between total interest on the standard schedule and total interest with the extra payment. It grows with a higher rate, a longer remaining term and a larger or earlier extra payment. The figure assumes the extra amount is paid every month until the loan is gone.
Time saved
How much sooner the loan is paid off with extra payments than on the standard schedule, shown in years and months. The required monthly payment does not change; the loan simply reaches a zero balance earlier because more principal is retired each month.
Standard payment
The required monthly principal and interest payment based on the loan amount, rate and term, before any extra. The new monthly payment shown by the calculator is this amount plus the extra payment. Taxes, insurance and PMI collected through escrow are not included.
Prepayment penalty
A fee some loans charge for paying off principal early, usually within the first years. If your loan has one, part of the savings shown here may be lost. The calculator assumes no penalty; your loan documents or servicer can confirm whether one applies.
Interest rate
The annual percentage the lender charges on the unpaid balance, not including fees. This calculator divides it by 12 to get the monthly rate. The higher the rate, the more interest each extra dollar of principal avoids, so extra payments save more on a higher-rate loan.
Loan term
The number of years over which the loan is scheduled to be repaid in equal monthly payments. With the rate, it sets the standard payment. Extra payments do not change the term on paper, but they end the loan before the term is up.

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FAQ · 8 questions

Questions about this calculator

Does an extra payment lower my required monthly payment?

No. The required payment stays the same; the loan simply reaches a zero balance sooner. The calculator's new monthly payment is the standard payment plus your extra amount. If you want a lower required payment after a lump sum, that is a recast, which some servicers offer for a fee.

Why do extra payments save more early in the loan?

Because the balance is highest at the start, so each extra dollar removes principal that would otherwise accrue interest for decades. Early payments on a long loan are mostly interest, and reducing the balance then shrinks the interest portion of every payment that follows. The same $200 paid in year 25 saves far less.

Should I use my original loan amount or my current balance?

Either works, as long as the term matches. For a new loan, enter the full amount and term. For an existing loan, enter today's balance and the years remaining rather than the original term; otherwise the standard payment and the savings will not reflect your actual loan.

Is it better to pay extra or choose a 15-year mortgage?

A 15-year loan usually carries a lower rate and forces the discipline, so it often saves more in total. Paying extra on a 30-year loan keeps a lower required payment, which protects you if income drops. The right choice depends on how stable the budget is, and comparing both scenarios side by side helps.

How can a loan officer use the extra payment figure in pre-qualification?

Treat it as a clue, not a qualifying number. A borrower happy to add several hundred dollars a month likely has room in their budget, which might support a shorter term. Before saying so, gather documented income and monthly debts and run a proper debt-to-income check, because what feels affordable is not always what qualifies.

Can I tell whether the lead is a buyer or an existing homeowner?

Often, from context. A round loan amount near local purchase prices, a 30-year term and arrival from a buyer page point to a purchase lead. An irregular balance, a short term and arrival from a homeowner email point to a current owner. The page URL and traffic source saved with each lead make this easier.

Will a visitor who uses several calculators create several contacts?

No. Contacts are de-duplicated by email and then phone, so when the same person submits from the payment, extra payment and bi-weekly calculators, each calculation is appended to one record. You see the order they used the tools, which helps you judge how far along they are.

Is there anything to avoid when promoting prepayment to borrowers?

Do not present prepayment as right for everyone. Borrowers with high-interest debt or no emergency savings may be better served addressing those first, and saying so builds credibility. Also avoid quoting specific savings in ads, since those depend on the borrower's rate and term. Keep your page educational and show your licensing information.

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