Extra Mortgage Payment Calculator for Norway 2026

This calculator shows what extra payments on a Norwegian mortgage are worth: how much interest you save, how much sooner you become debt-free, or how much lower your monthly payment gets. You can combine a fixed extra amount every month with a lump sum now, for example from a bonus or an inheritance. The interest rate is pre-filled with Statistics Norway's (SSB) average rate for new mortgages in August 2026, 5.31%. Replace it with the nominal rate on your own loan.

How extra payments work

With an annuity loan (annuitetslån), the most common type in Norway, the payment is the same every month and made up of interest and principal (avdrag). Early in the loan the interest share is large. Everything you pay in extra goes straight to principal, so interest is calculated on a lower balance for the rest of the loan. That is why extra payments early in the loan have the biggest effect. You then choose between two results:

• Shorter term: the monthly payment stays the same and the loan is paid off sooner. This saves the most interest.
• Lower payment: the bank recalculates the payment over the same remaining term, so the payment falls and the end date is unchanged. This gives more room in the monthly budget.

Worked example: NOK 2,500,000 outstanding, 25 years left, 5.31%

Without extra payments the monthly payment is NOK 15,070 and the interest over the remaining term is NOK 2,020,946. If you add NOK 2,000 every month, the loan is repaid in 19 years and 9 months instead of 25 years, the interest falls to NOK 1,537,522, and you save NOK 483,424. You have paid in NOK 472,000 extra to get there, and the loan is gone 5 years and 3 months sooner. A lump sum of NOK 100,000 paid now saves NOK 257,489 in interest with a shorter term (1 year and 11 months earlier), or NOK 80,838 if you choose a lower payment, which then falls from NOK 15,070 to NOK 14,467.

The effect of different monthly amounts

NOK 2,500,000, 25 years, 5.31%, shorter term. The last column removes the lost interest deduction of 22%.

Timing matters: the same NOK 100,000 at different points

Outstanding debt NOK 2,500,000 at 5.31%, lump sum of NOK 100,000 paid now, shorter term.

Annuity loans and serial loans

A serial loan (serielån) repays the same amount of principal every month, with interest on top, so the payments start high and fall over time. Extra payments help both types, but a serial loan already reduces the balance faster, so there is less interest left to save. With NOK 2,000 extra a month on NOK 2,500,000, the interest saved is NOK 483,424 on an annuity loan and NOK 321,168 on a serial loan. The calculator itself handles annuity loans. To compare the two loan types before you choose, use the Norway mortgage calculator.

Tax: the interest deduction shrinks when you repay faster

Interest on debt is deductible from your ordinary income (alminnelig inntekt), which is taxed at 22% in 2026. In the northern action zone (Finnmark and Nord-Troms) the rate is 18.5%. The deduction is worth that percentage of the interest you pay. When you repay faster you pay less interest, so you also lose part of the deduction: you keep 78% of every krone of interest saved. In other words the effective return of paying down a 5.31% mortgage is 4.14% a year after tax. The widget lets you switch to the northern rate.

Fixed-rate loans: early repayment can cost money

Norway's Financial Contracts Act (finansavtaleloven) gives you the right to repay a loan in whole or in part before it is due (section 2-9). For loans with a fixed interest rate, section 2-10 lets the bank claim compensation for its loss when you repay early, if that was agreed in the contract. You are not liable for more than the interest that would otherwise have been paid up to the due date, and the bank cannot claim compensation when the debt is NOK 50,000 or less, when you were not told about the right to compensation before signing, or when you give notice of early repayment within the acceptance period for a change of terms proposed by the bank and pay within four weeks after it ends. If the bank can claim a loss, you are credited with a corresponding gain, although the agreement can waive that if you were told before signing. A loss arises mainly when market rates have fallen below your fixed rate. The rule covers fixed-rate credit only. Check your loan agreement for what it says about extra payments, and ask the bank for the exact figure before you pay.

Fees and practical points

Check your bank's price list for fees on early repayment or on changing the terms of the loan. Tell the bank whether the extra amount should shorten the loan or lower the payment, otherwise the bank chooses. A credit-line mortgage (rammelån) lets you take the money out again, while money paid into a normal repayment loan is only available by applying for a new loan. Keep your emergency savings intact.

If you have just moved to Norway

The bank reports the interest you pay to the Tax Administration, so you normally just check the amount in your pre-filled tax return. If you are still building up savings for a first home, see the BSU calculator. To find out how much you can borrow in the first place, use the borrowing capacity calculator, and to see whether you would cope if rates rose, the mortgage stress test.

What this calculator does not cover

It assumes one nominal interest rate for the whole remaining period, so it does not model rate changes, a fixed-rate period ending or the bank recalculating the payment when rates move. It does not include fees, and it does not calculate any compensation for repaying a fixed-rate loan early. Serial loans, interest-only periods and credit-line mortgages are not modelled, and the tax value is a simple percentage of the interest saved. Interest on a joint loan is normally divided between the borrowers for tax purposes.