Mortgage Total Cost Calculator
See the true long-term cost of your mortgage, including total interest paid, and how much an extra monthly payment could save you.
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Curious how a real extra-payment strategy fits your budget?
Talk to a Loan OfficerWhy Total Interest Matters More Than the Rate
Two loans with similar rates can have very different total costs depending on the term. A 30-year loan spreads payments out and lowers your monthly payment, but you pay significantly more interest over the life of the loan compared to a 15-year term. Adding even a modest extra principal payment each month can meaningfully shorten your loan and reduce total interest.
Frequently Asked Questions
How much can extra payments actually save me?
It depends on your loan balance, rate, and how much extra you pay, but even a few hundred dollars extra per month can shave years off a 30-year loan and save tens of thousands in interest. Use the calculator above to see your specific numbers.
Is it better to pay extra principal or invest the difference?
This depends on your mortgage rate versus expected investment returns, your risk tolerance, and your overall financial plan. There's no universal answer — a loan officer or financial advisor can help weigh the tradeoff for your situation.
Are there penalties for paying extra principal?
Most conventional mortgages today don't carry prepayment penalties, but it's worth confirming with your specific loan terms before making extra payments a regular habit.
