Mortgage Payment Calculator With Extra Payments to Principal 

Animated interest rate graphicPaying more principle on your home loan can help you save money on interest and get your loan paid off sooner.

Use this amortization calculator to see how many months it will take to pay off your loan, whether you make extra payments or not.

Q. Can I pay my mortgage on the 16th?
A. Most mortgage payments are due on the first of the month. Most mortgages include a grace period of 15 calendar days. If your mortgage payment is due on the first of the month, you have until the 16th to make it. However, be aware that letter delivery may be sluggish. In addition, the servicer must open the envelope and deposit your money. A little hiccup may result in a late payment.

Q. Do extra payments automatically go to principal?
A. This is a frequently asked question. Most lenders/servicers will apply any additional payments to the principle, but you should confirm this with the servicer.

Q. Does paying extra on your mortgage reduce monthly payments?
A. Unfortunately, any additional payment will not decrease your monthly payment; but, the additional payment will reduce the loan amount, allowing you to pay off the loan sooner.

Q. How fast will I pay off mortgage with extra payments?
A. Use the extra payment calculator for the answer to your question.

Q. Does paying down principal lower the amount of interest?
A. Putting additional money towards your mortgage does not reduce your monthly payment. The additional principle payment will lower your interest costs throughout the term of the loan. 

Q. Is it better to pay extra on escrow or principal?
A. Your loan's interest rate is determined based on the principal balance.
You will pay less interest to the lender if you decrease the loan amount.
Paying an extra premium to the escrow service will not save you any money.