Loan Calculator With Extra Payment




Loan calculator with extra payments is used to how early you can payoff your loan with additional payments each period. You have the option to use an one time extra payment, or recurring extra payments to calculate total loan interest.

Extra Payment Loan Calculator

Loan Amount
$
Loan Terms
Interest Rate
Payment Frequency
First Payment Date

Amortization Schedule
Extra Payments
One Time
$ On Date
Monthly or Biweekly
$ Starting Date
Quarterly
$ Starting Date
Yearly
$ Starting Date


Loan Calculator Results

Mortgage Amount: $100,000.00
Monthly Principal & Interest: $1,079.08
Monthly Extra Payment: $300.00
Total Monthly Payment:
$1,379.08
Total # Of Payments: 88
Start Date: Nov, 2022
Payoff Date: Feb, 2030
Principal: $73,769.12
Total Extra Payment: $26,230.88
Total Interest Paid: $21,189.87
Total of all Payments:
$121,189.87

Amortization Schedule With Extra Payment

Payment Date Payment # Interest Principal Extra Payment Total Payment Balance
Nov, 2022 1 $447.92 $631.16 $300.00 $1,379.08 $99,068.84
Dec, 2022 2 $443.75 $635.33 $300.00 $1,379.08 $98,133.50
Jan, 2023 3 $439.56 $639.52 $300.00 $1,379.08 $97,193.98
Feb, 2023 4 $435.35 $643.73 $300.00 $1,379.08 $96,250.25
Mar, 2023 5 $431.12 $647.96 $300.00 $1,379.08 $95,302.29
Apr, 2023 6 $426.87 $652.20 $300.00 $1,379.08 $94,350.09
May, 2023 7 $422.61 $656.47 $300.00 $1,379.08 $93,393.62
Jun, 2023 8 $418.33 $660.75 $300.00 $1,379.08 $92,432.86
Jul, 2023 9 $414.02 $665.06 $300.00 $1,379.08 $91,467.81
Aug, 2023 10 $409.70 $669.38 $300.00 $1,379.08 $90,498.43
Sep, 2023 11 $405.36 $673.72 $300.00 $1,379.08 $89,524.70
Oct, 2023 12 $401.00 $678.08 $300.00 $1,379.08 $88,546.62
Nov, 2023 13 $396.62 $682.46 $300.00 $1,379.08 $87,564.16
Dec, 2023 14 $392.21 $686.86 $300.00 $1,379.08 $86,577.29
Jan, 2024 15 $387.79 $691.29 $300.00 $1,379.08 $85,586.01
Feb, 2024 16 $383.35 $695.73 $300.00 $1,379.08 $84,590.28
Mar, 2024 17 $378.89 $700.19 $300.00 $1,379.08 $83,590.09
Apr, 2024 18 $374.41 $704.67 $300.00 $1,379.08 $82,585.43
May, 2024 19 $369.91 $709.17 $300.00 $1,379.08 $81,576.26
Jun, 2024 20 $365.39 $713.69 $300.00 $1,379.08 $80,562.58
Jul, 2024 21 $360.85 $718.23 $300.00 $1,379.08 $79,544.35
Aug, 2024 22 $356.29 $722.79 $300.00 $1,379.08 $78,521.56
Sep, 2024 23 $351.71 $727.37 $300.00 $1,379.08 $77,494.20
Oct, 2024 24 $347.11 $731.97 $300.00 $1,379.08 $76,462.23
Nov, 2024 25 $342.49 $736.59 $300.00 $1,379.08 $75,425.63
Dec, 2024 26 $337.84 $741.24 $300.00 $1,379.08 $74,384.40
Jan, 2025 27 $333.18 $745.90 $300.00 $1,379.08 $73,338.50
Feb, 2025 28 $328.50 $750.58 $300.00 $1,379.08 $72,287.92
Mar, 2025 29 $323.79 $755.29 $300.00 $1,379.08 $71,232.63
Apr, 2025 30 $319.06 $760.02 $300.00 $1,379.08 $70,172.61
May, 2025 31 $314.31 $764.76 $300.00 $1,379.08 $69,107.84
Jun, 2025 32 $309.55 $769.53 $300.00 $1,379.08 $68,038.31
Jul, 2025 33 $304.75 $774.32 $300.00 $1,379.08 $66,963.99
Aug, 2025 34 $299.94 $779.14 $300.00 $1,379.08 $65,884.85
Sep, 2025 35 $295.11 $783.97 $300.00 $1,379.08 $64,800.88
Oct, 2025 36 $290.25 $788.83 $300.00 $1,379.08 $63,712.05
Nov, 2025 37 $285.38 $793.70 $300.00 $1,379.08 $62,618.35
Dec, 2025 38 $280.48 $798.60 $300.00 $1,379.08 $61,519.75
Jan, 2026 39 $275.56 $803.52 $300.00 $1,379.08 $60,416.23
Feb, 2026 40 $270.61 $808.47 $300.00 $1,379.08 $59,307.76
Mar, 2026 41 $265.65 $813.43 $300.00 $1,379.08 $58,194.33
Apr, 2026 42 $260.66 $818.42 $300.00 $1,379.08 $57,075.92
May, 2026 43 $255.65 $823.43 $300.00 $1,379.08 $55,952.49
Jun, 2026 44 $250.62 $828.46 $300.00 $1,379.08 $54,824.03
Jul, 2026 45 $245.57 $833.51 $300.00 $1,379.08 $53,690.52
Aug, 2026 46 $240.49 $838.59 $300.00 $1,379.08 $52,551.93
Sep, 2026 47 $235.39 $843.69 $300.00 $1,379.08 $51,408.23
Oct, 2026 48 $230.27 $848.81 $300.00 $1,379.08 $50,259.42
Nov, 2026 49 $225.12 $853.96 $300.00 $1,379.08 $49,105.46
Dec, 2026 50 $219.95 $859.13 $300.00 $1,379.08 $47,946.33
Jan, 2027 51 $214.76 $864.32 $300.00 $1,379.08 $46,782.01
Feb, 2027 52 $209.54 $869.53 $300.00 $1,379.08 $45,612.48
Mar, 2027 53 $204.31 $874.77 $300.00 $1,379.08 $44,437.71
Apr, 2027 54 $199.04 $880.04 $300.00 $1,379.08 $43,257.67
May, 2027 55 $193.76 $885.32 $300.00 $1,379.08 $42,072.35
Jun, 2027 56 $188.45 $890.63 $300.00 $1,379.08 $40,881.72
Jul, 2027 57 $183.12 $895.96 $300.00 $1,379.08 $39,685.76
Aug, 2027 58 $177.76 $901.32 $300.00 $1,379.08 $38,484.44
Sep, 2027 59 $172.38 $906.70 $300.00 $1,379.08 $37,277.73
Oct, 2027 60 $166.97 $912.11 $300.00 $1,379.08 $36,065.63
Nov, 2027 61 $161.54 $917.54 $300.00 $1,379.08 $34,848.09
Dec, 2027 62 $156.09 $922.99 $300.00 $1,379.08 $33,625.10
Jan, 2028 63 $150.61 $928.47 $300.00 $1,379.08 $32,396.64
Feb, 2028 64 $145.11 $933.97 $300.00 $1,379.08 $31,162.67
Mar, 2028 65 $139.58 $939.50 $300.00 $1,379.08 $29,923.17
Apr, 2028 66 $134.03 $945.05 $300.00 $1,379.08 $28,678.12
May, 2028 67 $128.45 $950.63 $300.00 $1,379.08 $27,427.50
Jun, 2028 68 $122.85 $956.23 $300.00 $1,379.08 $26,171.27
Jul, 2028 69 $117.23 $961.85 $300.00 $1,379.08 $24,909.42
Aug, 2028 70 $111.57 $967.51 $300.00 $1,379.08 $23,641.91
Sep, 2028 71 $105.90 $973.18 $300.00 $1,379.08 $22,368.73
Oct, 2028 72 $100.19 $978.89 $300.00 $1,379.08 $21,089.84
Nov, 2028 73 $94.46 $984.61 $300.00 $1,379.08 $19,805.23
Dec, 2028 74 $88.71 $990.37 $300.00 $1,379.08 $18,514.86
Jan, 2029 75 $82.93 $996.15 $300.00 $1,379.08 $17,218.71
Feb, 2029 76 $77.13 $1,001.95 $300.00 $1,379.08 $15,916.75
Mar, 2029 77 $71.29 $1,007.79 $300.00 $1,379.08 $14,608.97
Apr, 2029 78 $65.44 $1,013.64 $300.00 $1,379.08 $13,295.33
May, 2029 79 $59.55 $1,019.53 $300.00 $1,379.08 $11,975.80
Jun, 2029 80 $53.64 $1,025.44 $300.00 $1,379.08 $10,650.36
Jul, 2029 81 $47.70 $1,031.37 $300.00 $1,379.08 $9,318.99
Aug, 2029 82 $41.74 $1,037.34 $300.00 $1,379.08 $7,981.65
Sep, 2029 83 $35.75 $1,043.33 $300.00 $1,379.08 $6,638.32
Oct, 2029 84 $29.73 $1,049.35 $300.00 $1,379.08 $5,288.97
Nov, 2029 85 $23.69 $1,055.39 $300.00 $1,379.08 $3,933.58
Dec, 2029 86 $17.62 $1,061.46 $300.00 $1,379.08 $2,572.12
Jan, 2030 87 $11.52 $1,067.56 $300.00 $1,379.08 $1,204.57
Feb, 2030 88 $5.40 $1,073.68 $130.88 $1,209.96 $0.00

Compare Monthly vs. Bi-weekly

Payment Frequency Monthly Bi-weekly
Payments / Year 12 26
Each Payment $1,379.08 $839.54
Total Extra Payments $26,230.88 $41,001.07
Total Interest $21,189.87 $14,918.01
Total Tax, Insurance, PMI & Fees $0.00 $0.00
Total Payment $121,189.87 $114,918.01
Total Savings $0 $6,271.86
Payoff Date Feb, 2030 Feb, 2028


Loan Amortization Calculator With Extra Payments

The loan amortization calculator with extra payments gives borrowers 5 options to calculate how much they can save with extra payments, the biweekly payment option, one time lump sum payment, extra payments every month, quarter, or year.


What is additional principal payment?

The additional principal payment is extra payments that a borrower pays to reduce the principal of his loan balance. To understand additional principal payments, we first need to learn how a loan amortization schedule works. When a borrower applies for a loan, he gets a lump sum from the lender. The borrower is expected to pay back the lender in monthly payments. The monthly payment consists of principal and interest payments. On a fixed-interest loan, the monthly payments remain the same throughout the loan. However, the principal and interest amount change as time progresses. The interest payment is basically recalculated each month based on the loan balance. When a borrower makes additional principal payments to reduce the balance, he is essentially reducing interest payments on his loan. Depending on the size of the loan and the extra payments, and the number of additional payments the borrower makes, he could pay off his loan much earlier than the original term.


Benefits of paying extra on a mortgage?

The main benefit of paying extra on a home mortgage or personal loan is saving money. When a borrower consistently makes additional payments, he could save thousands of dollars on his loan. Let's take a look at an example of how much extra payments can save on a loan of $150,000 with an interest rate of 5.5% and a 10-year term. Loan Amount: $150,000 Interest Rate: 5.5% Term: = 10 year Following are the payment details for this loan. Monthly Payment: $1,627.89 Total Interest: $45,347.30 Total Payment: $195,347.30 Pay Off: 10 Years On this loan, the borrower would pay $45,347.30 in interest payment after 10 years of payment. Let's see how much he can save if he makes an additional payment of $300 each month which is about 18% more than the original monthly payment of $1,627.89. Extra Payment: $300 New Monthly Payment: $1,927.89 Total Interest: $35,923.95 Total Payment: $185,923.95 Pay Off: 8 Years As we can see by making an extra payment of $300 each month, the borrower saves about $9,423.35 in interest payment, and he pays off his loan in 8 years instead of 10.




Mortgage Calculator With Extra Payments

The mortgage calculator with extra payments gives borrowers two ways to calculate additional principal payments, one-time or recurring extra payments each month, quarter, or year. Loan Amount - The amount borrowed Loan Terms - How many years will the loan be paid back? Interest Rate - What's the interest rate on the loan? Payment Frequency - The default monthly payments or accelerated payments with biweekly payment option. First Payment Date - Borrowers have the option to select the current month or any date from the past or future. Amortization Schedule - Show each payment or yearly summarization. Extra Payment - Yes or No One Time - If you choose Yes for extra payment, enter any amount if you wish to make a one time extra payment. Monthly or Biweekly - Make extra payment for each payment. For monthly payments, borrowers will make additional payments each month. For biweekly payments, borrowers will make extra payments every two weeks. Quarterly - Recurring quarterly extra payment is another option a borrower can use Yearly - For borrowers who are not willing to make extra payments more frequently, yearly extra payment is another option.


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