Should I Pay Extra Each Month? This calculator figures how much interest you can save over the life of your loan by making larger or extra monthly payments. Input an extra payment and calculate your interest savings based on the higher payment. Should I Pay Extra ?   Loan Information     Zip Code   Loan Amount   Interest Rate   Extra Payment   Term in Years           Inquire Now!   Fill out our easy-to-use application and get approved for a home loan quickly. *Figure out how long your mortgage will last depending on how much you pay monthly. These calculations are only estimates and cannot be used to determine the actual amount of time it would take to pay your loan in full if you pay a higher amount each month. Please consult your tax advisor for information on the deductibility of interest for tax purposes. Refinancing or taking out a home equity loan or line of credit may increase the total number of monthly payments and the total amount paid when comparing to your current situation.