Corie Adams
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Extra Payment Calculator

Extra principal is the highest-certainty return available to most homeowners, a guaranteed savings equal to your mortgage rate, with no market risk.

The numbers are usually larger than people expect, especially in the early years when nearly all of your payment is interest.

Your numbers

$320,000
$200
$0

Your results

Interest saved

$105,430

Net of your one-time payment

Years cut from the loan
6.7 years80 months earlier
New payoff time
23.3 years
Base payment (P&I)
$2,023
Payment with extra
$2,223
Total interest, as scheduled
$408,142
Total interest, with extra
$302,713

What happens if you change this

Adding $200 a month pays the loan off 6.7 years early and saves $105,430 in interest. That's a guaranteed 6.5% return with no market risk. Doubling the extra to $400 would roughly compound the effect, slide it up to see.

Keep these numbers

Your results are yours already. If it helps, send them to yourself, or have Corie look at the same scenario and tell you what she would change.

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Questions people ask

Is paying extra better than investing?
It's a guaranteed return equal to your rate, versus an uncertain one in markets. Many people do both. It's a personal risk decision, not a math-only one.
Do I need to tell my servicer it's principal?
Yes, designate extra funds as principal-only, or the servicer may apply them to your next payment instead.

Estimates for education only, not a loan approval, rate quote, or commitment to lend. Actual figures depend on credit, property, program guidelines, and market conditions at the time of lock. Corie Adams · NMLS #1875205 · Network Funding, LP · NMLS ID #2297 · Equal Housing Opportunity.

In plain English

It shows what one additional payment a year, or a little extra each month, does to your payoff date.

When to use it

  • You have surplus cash flow and want to see the return on prepaying
  • You want the effect of a fifteen-year term without committing to the payment
  • You are comparing prepaying against investing the difference

Common mistakes

Not marking the payment as principal
Extra funds can be applied to the next month's payment instead of the balance. Specify principal only.
Prepaying before reserves exist
Money in the house is hard to reach. Fund an emergency cushion first.
Prepaying ahead of higher-rate debt
Cards and personal loans almost always deserve the extra dollar first.

Recommended next steps

  1. 01See what it does to your equity
  2. 02Talk With Corie

Turn the estimate into real numbers.

A pre-approval replaces the assumptions above with your actual income, credit, and the terms available to you today.

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After the math

Where this number leads.