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Schedule & payoff

Extra payment

Also known as: additional principal, extra principal payment

Money paid beyond the scheduled payment, usually applied to principal.

An extra payment is an amount you pay in addition to your regular mortgage payment, typically applied to principal. Paying extra principal can shorten the loan term and reduce total interest. Frequency (monthly, yearly, etc.) and start date affect how much interest you save over time.

See also

PrincipalInterest savedPayoff dateAmortization
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Definitions are for general education. Loan products, insurance, and taxes vary by lender, location, and your situation. FinanceFlow calculators produce estimates only and are not a lender quote or professional advice.