Extra Mortgage Payment Calculator for Colorado Homeowners
Explore how paying extra toward your mortgage principal could change your payoff date and the interest you pay. Compare recurring monthly payments, annual contributions and a one-time payment. Jeremy Murphy at Monumental Mortgage helps Colorado homeowners understand their mortgage options and plan around their goals.
A little extra today. Fewer payments tomorrow.
See how extra principal payments could change your mortgage payoff date and the interest you pay along the way.
Colorado Springs & El Paso County: (719) 960-4300 · Denver Metro: (720) 988-5182
Email: [email protected]
17445 Sierra Way · Monument, CO 80132
MonumentalMortgage.com · Schedule: MonumentalMortgage.com/strategycall
Company NMLS 1822778 · Equal Housing Opportunity
Your mortgage
For an existing mortgage, enter your current principal balance and remaining term. For a new loan, enter the starting loan amount and full term. Starting figures are hypothetical examples.
Your extra principal payments
Added to every payment, starting in month 1.
Added in plan months 12, 24, 36 and so on.
You can combine all three types. Leave an extra-payment amount at zero to exclude it.
Your potential payoff advantage
| From this point forward | Regular payments | With extra principal |
|---|---|---|
| Scheduled monthly P&I* | ||
| Recurring monthly extra | $0.00 | |
| Monthly P&I + recurring extra* | ||
| Estimated payoff month | ||
| Remaining payment count | ||
| Remaining interest | ||
| Total remaining principal + interest |
* Principal and interest only. Taxes, homeowners insurance, mortgage insurance and HOA dues are excluded. Annual and one-time extras are additional to the recurring monthly amount shown. The final payment may be smaller.
See the balance by year
Each plan year is 12 payments beginning with your selected first payment month. A zero balance indicates that the plan is paid off.
| Plan year | Regular balance | Extra-payment balance |
|---|
Extra Mortgage Payment FAQs
How do extra mortgage payments help me pay off my home sooner?
Extra payments applied to principal reduce your outstanding loan balance. With less principal outstanding, less interest accrues in future months. If you keep making your scheduled payments, more of those payments can go toward principal and you may pay off the mortgage sooner.
What numbers should I enter if I already have a mortgage?
Use your current unpaid principal balance, fixed note rate and remaining loan term. Select the first payment month you want the plan to cover. The calculator estimates your scheduled principal-and-interest payment from those inputs. Check that amount against your statement; if they differ materially, ask Jeremy to help review the scenario. Results cover interest from this point forward and exclude interest you have already paid.
Can I compare monthly, annual and one-time extra payments?
Yes. You can use any combination of the three. Monthly extras start with the first modeled payment. Annual extras occur with payments 12, 24, 36 and so on. A one-time payment occurs in the plan month you select. Extra funds are limited to the principal still owed and stop when the loan is paid off.
Will paying extra lower my required monthly mortgage payment?
This calculator assumes your scheduled principal-and-interest payment stays the same. Extra principal shortens the payoff timeline. A lower required payment may involve a separate process, such as an eligible recast or refinance, which this calculator does not model.
How do I make sure my extra payment goes toward principal?
Follow your mortgage servicer's instructions for additional principal payments. You may need to select a principal-only payment option or provide specific instructions. Check your statement afterward to confirm the payment was applied as intended.
Are there fees or penalties for paying off my mortgage early?
Some loans have prepayment penalties, particularly for early payoff or a large principal reduction. Review your loan documents and ask your servicer about the terms that apply to your loan. This calculator does not deduct fees or prepayment penalties from the estimated interest savings.
Does the calculator include taxes, insurance or mortgage insurance?
No. The comparison covers principal and interest. It excludes property taxes, homeowners insurance, mortgage insurance and HOA dues. It also does not calculate possible mortgage-insurance cancellation, tax effects or returns you might earn by using the extra money elsewhere.
Have questions about your mortgage strategy? Jeremy Murphy at Monumental Mortgage can help you review your options and compare a plan that fits your goals.
Office:
17445 Sierra Way
Monument, CO 80132
Call
720-988-5182
719-960-4300
Email:
Site:
MonumentalMortgage.com
