How advantageous are extra payments?

Original loan terms
Loan amount
$
Appraised value
$
Term (years)
Yearly property tax
$
Yearly property insurance
$
Interest rate
%
$
$
$

Extra payments
Extra payment type

Lump sum
Extra payment start - year
Extra payment start - month

Recurring
Payment frequency
Extra payments start - year
Extra payments start - month
Extra payments end
Extra payments end - year
Extra payments end - month
Additional payment
$

Appraisal value: Appraisal value is the market value of an asset that is derived from the appraisal process. Depending on the asset, the method used to appraise the asset will differ. For homes, appraisers often use a method that includes recent sales data of comparable homes. They may also use the replacement method, which is the cost to replace the home at today's prices.
Additional monthly payments: Most mortgage lenders let borrowers make additional payments. To be sure, check with your lender to make sure there are no prepayment penalties.
Mortgage interest tax deduction: A deduction for taxpayers who pay interest on home mortgage and home equity loan interest, allowed primarily to encourage home ownership.
Amortization: The gradual reduction of loan principal that occurs as you make periodic loan payments.
Private mortgage insurance (PMI): An insurance policy that protects lenders against loss if a borrower defaults. Typically required if the loan-to-value (LTV) ratio of the home exceeds 80%.
Principal: Also called the loan balance, principal is the amount owed on a loan
Prepayment penalty: A penalty that a lender may charge if you make unscheduled, extra payments on your loan.
Interest rate: The amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of money.
Term: The period of a loan, generally measured in years. Auto loans generally range from 2 to 5 years. Mortgage loans: 15 to 30 years.
Prepayment: An amount that you pay on your mortgage or other loan that constitutes an additional, unscheduled payment.
Homeowner's insurance: Protects the homeowner from weather-related damage, as well as potential liability from events that occur on the property. Normally required by lenders.
Property tax: A tax assessed on real estate by the local government, usually based on the value of the property (including the land) you own.
Down payment: The cash you deposit towards the purchase of home, car, etc. The larger the down payment, the less you are required to borrow.
Property Taxes and Homeowner's Insurance: A typical monthly mortgage payment consists of amounts for loan principal, interest, property taxes, and homeowner's insurance.