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No — they reduce your balance and shorten the loan. Your required payment stays the same unless you refinance or recast.
Extra payments are flexible — you can stop anytime. A shorter term locks in discipline and usually a lower rate. Many homeowners compare both here, then price the refinance.
On a typical 30-year loan it can save tens of thousands in interest and cut years off the term. Enter it in the extra payment field and check the interest savings row.
Interest is charged on your outstanding balance, which is largest at the start. As the balance falls, more of each fixed payment flows to principal — the schedule makes the crossover visible.