Extra mortgage payment savings table
On a $300,000, 30-year fixed mortgage at 6.5%, paying an extra $200 a month from the first payment saves $103,449 in interest and clears the loan 6 years 11 months early. The table shows the saving for $100, $200 and $500 a month at every rate from 4% to 8%.
| Rate | Monthly payment | Interest, no extra | +$100 a month: interest saved | +$100: paid off sooner | +$200 a month: interest saved | +$200: paid off sooner | +$500 a month: interest saved | +$500: paid off sooner |
|---|---|---|---|---|---|---|---|---|
| 4.0% | $1,432.25 | $215,609 | $28,747 | 3 yr 6 mo | $50,412 | 6 yr 2 mo | $92,414 | 11 yr 8 mo |
| 4.5% | $1,520.06 | $247,220 | $34,087 | 3 yr 7 mo | $59,436 | 6 yr 4 mo | $107,914 | 11 yr 10 mo |
| 5.0% | $1,610.46 | $279,767 | $39,937 | 3 yr 8 mo | $69,210 | 6 yr 5 mo | $124,383 | 12 yr |
| 5.5% | $1,703.37 | $313,212 | $46,342 | 3 yr 9 mo | $79,774 | 6 yr 7 mo | $141,839 | 12 yr 2 mo |
| 6.0% | $1,798.65 | $347,515 | $53,346 | 3 yr 11 mo | $91,173 | 6 yr 9 mo | $160,295 | 12 yr 4 mo |
| 6.5% | $1,896.20 | $382,633 | $60,995 | 4 yr | $103,449 | 6 yr 11 mo | $179,759 | 12 yr 6 mo |
| 7.0% | $1,995.91 | $418,527 | $69,338 | 4 yr 2 mo | $116,640 | 7 yr 1 mo | $200,235 | 12 yr 8 mo |
| 7.5% | $2,097.64 | $455,152 | $78,424 | 4 yr 4 mo | $130,781 | 7 yr 4 mo | $221,724 | 12 yr 10 mo |
| 8.0% | $2,201.29 | $492,466 | $88,301 | 4 yr 6 mo | $145,906 | 7 yr 6 mo | $244,218 | 13 yr 1 mo |
The extra payment starts with the first monthly payment and goes straight to the balance. Savings scale with the loan: on a $150,000 loan the figures are half these, on a $600,000 loan double. For your own loan, rate and start date, use the extra payment calculator.
How the table is worked out
Each row is a standard fixed-rate amortisation: the monthly payment comes from the loan amount, the annual rate divided by 12 and 360 months. Each month interest is charged on the opening balance, and the payment plus the extra pays the rest off the balance until it reaches zero. Nothing is rounded until the figure is shown. It is the same calculation the extra payment calculator runs, and three cells were checked against it when the table was built. Taxes, insurance and fees are not included.
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