How it works
Approximate interest saved = interest under the original payment schedule minus interest under the higher payment schedule.
Input definitions
- Current balance
- Enter the value in the labeled unit.
- Annual rate (%)
- Enter the value in the labeled unit.
- Scheduled monthly payment
- Enter the value in the labeled unit.
- Extra monthly payment
- Enter the value in the labeled unit.
A worked example
- Current balance
- 250000
- Annual rate (%)
- 6
- Scheduled monthly payment
- 1800
- Extra monthly payment
- 200
Assumptions & limits
Uses only the values entered. Rates are illustrative inputs, not live quotes, legal rules or personalised advice. Check provider terms, local requirements and measurements before acting.
Sources & review
Maintained by AnsRio. Methods and examples use automated checks; this does not imply independent professional certification.
Method updated 2026-10-19. Content checked against the stated method and examples. Our verification approach.
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Common questions
Why is this an approximation?
It treats each payment as equal and the last payment as a full payment. Actual schedules use a smaller final payment and lender rounding.
How does Simple extra mortgage payment saving calculate the result?
Approximate interest saved = interest under the original payment schedule minus interest under the higher payment schedule.
What should I verify before using Simple extra mortgage payment saving?
Uses only the values entered. Rates are illustrative inputs, not live quotes, legal rules or personalised advice. Check provider terms, local requirements and measurements before acting.