Extra Mortgage Payment: $500,000 at 7.5% with $1,000 Extra/Month

Paying $1,000 extra per month on a $500,000 mortgage at 7.5% can dramatically reduce interest paid over the loan's life.

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How to use this tool

Enter mortgage balance, annual interest rate, remaining term and extra monthly payment in the fields above.
Results update instantly as you type — or click Calculate.
Read your interest saved and the full breakdown beneath it.

Calculate the dramatic interest savings from adding $1,000 per month to a $500,000 mortgage at 7.5%.

Frequently asked questions

Should I pay extra principal or invest the money?: It depends on your mortgage rate vs. expected investment return. If your mortgage rate is higher than after-tax investment returns, paying down debt is the better risk-adjusted move.
How do I make sure extra payments reduce principal?: Tell your lender to apply any extra amount to principal, not the next month's payment. Most servicers allow this online or by note on a check.