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Loan Calculator With Extra Payment


Loan calculator with extra payments is used to calculate 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: Feb, 2024
Payoff Date: May, 2031
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
Feb, 2024 1 $447.92 $631.16 $300.00 $1,379.08 $99,068.84
Mar, 2024 2 $443.75 $635.33 $300.00 $1,379.08 $98,133.50
Apr, 2024 3 $439.56 $639.52 $300.00 $1,379.08 $97,193.98
May, 2024 4 $435.35 $643.73 $300.00 $1,379.08 $96,250.25
Jun, 2024 5 $431.12 $647.96 $300.00 $1,379.08 $95,302.29
Jul, 2024 6 $426.87 $652.20 $300.00 $1,379.08 $94,350.09
Aug, 2024 7 $422.61 $656.47 $300.00 $1,379.08 $93,393.62
Sep, 2024 8 $418.33 $660.75 $300.00 $1,379.08 $92,432.86
Oct, 2024 9 $414.02 $665.06 $300.00 $1,379.08 $91,467.81
Nov, 2024 10 $409.70 $669.38 $300.00 $1,379.08 $90,498.43
Dec, 2024 11 $405.36 $673.72 $300.00 $1,379.08 $89,524.70
Jan, 2025 12 $401.00 $678.08 $300.00 $1,379.08 $88,546.62
Feb, 2025 13 $396.62 $682.46 $300.00 $1,379.08 $87,564.16
Mar, 2025 14 $392.21 $686.86 $300.00 $1,379.08 $86,577.29
Apr, 2025 15 $387.79 $691.29 $300.00 $1,379.08 $85,586.01
May, 2025 16 $383.35 $695.73 $300.00 $1,379.08 $84,590.28
Jun, 2025 17 $378.89 $700.19 $300.00 $1,379.08 $83,590.09
Jul, 2025 18 $374.41 $704.67 $300.00 $1,379.08 $82,585.43
Aug, 2025 19 $369.91 $709.17 $300.00 $1,379.08 $81,576.26
Sep, 2025 20 $365.39 $713.69 $300.00 $1,379.08 $80,562.58
Oct, 2025 21 $360.85 $718.23 $300.00 $1,379.08 $79,544.35
Nov, 2025 22 $356.29 $722.79 $300.00 $1,379.08 $78,521.56
Dec, 2025 23 $351.71 $727.37 $300.00 $1,379.08 $77,494.20
Jan, 2026 24 $347.11 $731.97 $300.00 $1,379.08 $76,462.23
Feb, 2026 25 $342.49 $736.59 $300.00 $1,379.08 $75,425.63
Mar, 2026 26 $337.84 $741.24 $300.00 $1,379.08 $74,384.40
Apr, 2026 27 $333.18 $745.90 $300.00 $1,379.08 $73,338.50
May, 2026 28 $328.50 $750.58 $300.00 $1,379.08 $72,287.92
Jun, 2026 29 $323.79 $755.29 $300.00 $1,379.08 $71,232.63
Jul, 2026 30 $319.06 $760.02 $300.00 $1,379.08 $70,172.61
Aug, 2026 31 $314.31 $764.76 $300.00 $1,379.08 $69,107.84
Sep, 2026 32 $309.55 $769.53 $300.00 $1,379.08 $68,038.31
Oct, 2026 33 $304.75 $774.32 $300.00 $1,379.08 $66,963.99
Nov, 2026 34 $299.94 $779.14 $300.00 $1,379.08 $65,884.85
Dec, 2026 35 $295.11 $783.97 $300.00 $1,379.08 $64,800.88
Jan, 2027 36 $290.25 $788.83 $300.00 $1,379.08 $63,712.05
Feb, 2027 37 $285.38 $793.70 $300.00 $1,379.08 $62,618.35
Mar, 2027 38 $280.48 $798.60 $300.00 $1,379.08 $61,519.75
Apr, 2027 39 $275.56 $803.52 $300.00 $1,379.08 $60,416.23
May, 2027 40 $270.61 $808.47 $300.00 $1,379.08 $59,307.76
Jun, 2027 41 $265.65 $813.43 $300.00 $1,379.08 $58,194.33
Jul, 2027 42 $260.66 $818.42 $300.00 $1,379.08 $57,075.92
Aug, 2027 43 $255.65 $823.43 $300.00 $1,379.08 $55,952.49
Sep, 2027 44 $250.62 $828.46 $300.00 $1,379.08 $54,824.03
Oct, 2027 45 $245.57 $833.51 $300.00 $1,379.08 $53,690.52
Nov, 2027 46 $240.49 $838.59 $300.00 $1,379.08 $52,551.93
Dec, 2027 47 $235.39 $843.69 $300.00 $1,379.08 $51,408.23
Jan, 2028 48 $230.27 $848.81 $300.00 $1,379.08 $50,259.42
Feb, 2028 49 $225.12 $853.96 $300.00 $1,379.08 $49,105.46
Mar, 2028 50 $219.95 $859.13 $300.00 $1,379.08 $47,946.33
Apr, 2028 51 $214.76 $864.32 $300.00 $1,379.08 $46,782.01
May, 2028 52 $209.54 $869.53 $300.00 $1,379.08 $45,612.48
Jun, 2028 53 $204.31 $874.77 $300.00 $1,379.08 $44,437.71
Jul, 2028 54 $199.04 $880.04 $300.00 $1,379.08 $43,257.67
Aug, 2028 55 $193.76 $885.32 $300.00 $1,379.08 $42,072.35
Sep, 2028 56 $188.45 $890.63 $300.00 $1,379.08 $40,881.72
Oct, 2028 57 $183.12 $895.96 $300.00 $1,379.08 $39,685.76
Nov, 2028 58 $177.76 $901.32 $300.00 $1,379.08 $38,484.44
Dec, 2028 59 $172.38 $906.70 $300.00 $1,379.08 $37,277.73
Jan, 2029 60 $166.97 $912.11 $300.00 $1,379.08 $36,065.63
Feb, 2029 61 $161.54 $917.54 $300.00 $1,379.08 $34,848.09
Mar, 2029 62 $156.09 $922.99 $300.00 $1,379.08 $33,625.10
Apr, 2029 63 $150.61 $928.47 $300.00 $1,379.08 $32,396.64
May, 2029 64 $145.11 $933.97 $300.00 $1,379.08 $31,162.67
Jun, 2029 65 $139.58 $939.50 $300.00 $1,379.08 $29,923.17
Jul, 2029 66 $134.03 $945.05 $300.00 $1,379.08 $28,678.12
Aug, 2029 67 $128.45 $950.63 $300.00 $1,379.08 $27,427.50
Sep, 2029 68 $122.85 $956.23 $300.00 $1,379.08 $26,171.27
Oct, 2029 69 $117.23 $961.85 $300.00 $1,379.08 $24,909.42
Nov, 2029 70 $111.57 $967.51 $300.00 $1,379.08 $23,641.91
Dec, 2029 71 $105.90 $973.18 $300.00 $1,379.08 $22,368.73
Jan, 2030 72 $100.19 $978.89 $300.00 $1,379.08 $21,089.84
Feb, 2030 73 $94.46 $984.61 $300.00 $1,379.08 $19,805.23
Mar, 2030 74 $88.71 $990.37 $300.00 $1,379.08 $18,514.86
Apr, 2030 75 $82.93 $996.15 $300.00 $1,379.08 $17,218.71
May, 2030 76 $77.13 $1,001.95 $300.00 $1,379.08 $15,916.75
Jun, 2030 77 $71.29 $1,007.79 $300.00 $1,379.08 $14,608.97
Jul, 2030 78 $65.44 $1,013.64 $300.00 $1,379.08 $13,295.33
Aug, 2030 79 $59.55 $1,019.53 $300.00 $1,379.08 $11,975.80
Sep, 2030 80 $53.64 $1,025.44 $300.00 $1,379.08 $10,650.36
Oct, 2030 81 $47.70 $1,031.37 $300.00 $1,379.08 $9,318.99
Nov, 2030 82 $41.74 $1,037.34 $300.00 $1,379.08 $7,981.65
Dec, 2030 83 $35.75 $1,043.33 $300.00 $1,379.08 $6,638.32
Jan, 2031 84 $29.73 $1,049.35 $300.00 $1,379.08 $5,288.97
Feb, 2031 85 $23.69 $1,055.39 $300.00 $1,379.08 $3,933.58
Mar, 2031 86 $17.62 $1,061.46 $300.00 $1,379.08 $2,572.12
Apr, 2031 87 $11.52 $1,067.56 $300.00 $1,379.08 $1,204.57
May, 2031 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 May, 2031 May, 2029


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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