Mortgage Calculator: Extra Mortgage Payments

Should I make a higher monthly payment?

If you plan on staying in your home until you retire, then paying more than your regular monthly mortgage payment might make sense. You’ll pay off your mortgage earlier and you’ll end up saving on interest. If you plan to move in the next few years, that extra monthly payment won’t save you much interest and that cash might be better invested elsewhere.


Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended as a solicitation for any credit product or to provide credit advice. Calculators and input options are intended solely for general information and educational purposes. Calculations are hypothetical, and based on information and assumptions provided by you. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. You should not take any action on the basis of the information provided through this calculator. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

How much can I afford to pay?

The amount of your extra mortgage payment is based largely on what you can afford, but you generally wouldn’t want to spend more than 25% of your monthly income on your home loan. Spending a larger percentage can land you in financial trouble.

With smart planning and budgeting, BBVA can help you make the best choice about early mortgage payoff. 

How to use this calculator

Loan info:

Enter your current mortgage loan details, including purchase price, down payment, term, and interest rate. This will help us determine how much you may save with or without extra payments.

Extra payments:

Determine the amount of your extra monthly payment, as well as how soon you plan to start. You can also quickly compare how different amounts and timelines will affect your monthly payment and total savings. Remember to keep home loan payments to 25% or less of your monthly income.

Taxes & insurance: 

Select your average yearly property tax and homeowner’s insurance. Making extra mortgage payments should not cause a change in your current property tax or homeowner’s insurance.