| Loan | Mortgage | Car | Commercial | Student | Biweekly | Extra Payments | Payoff | Excel |
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.
Loan Calculator Results |
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| Mortgage Amount: | $100,000.00 | ||||||
| Monthly Principal & Interest: | $1,079.08 | ||||||
| Monthly Extra Payment: | $300.00 | ||||||
Total Monthly Payment: |
$1,379.08 |
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| 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 |
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Amortization Schedule With Extra Payment |
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| 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 |
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| 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 | |||||
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.
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.
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.
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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