Mortgage Analysis
Calculate your mortgage payments and see how extra payments can help you pay off your loan faster.
Loan Details
Optional: Make Extra Payments
By adding extra payments, you can pay off your loan and save on interest.
Loan Amount
$340,000
Total Interest Paid
$433,651
Total Cost of Loan
$773,651
Payoff Date
Jan 2056
Amortization Over Time
As of Feb 2026
Principal Paid
$307
Interest Paid
$1,842
Loan Balance
$339,693
How It Works
Monthly Payment Calculation
Your monthly payment is calculated using the standard amortization formula. It takes your loan amount, interest rate, and term to determine a fixed payment that pays off both principal and interest over the life of the loan.
How Amortization Works
Each payment is split between principal and interest. Early payments are mostly interest, but as your balance decreases, more goes toward principal. The amortization schedule shows this progression month by month.
Extra Payments
Extra payments go directly toward principal, reducing your balance faster. This means less interest accrues over time, potentially saving you thousands and shortening your loan term significantly.