Amortization Schedule


Amortization Schedule with Extra Payments


Loan Amortization schedule with extra payments is a home mortgage calculator to calculate your monthly payment with multiple extra payment options. The mortgage amortization calculator with extra payments will show all the details including the extra payments.

Amortization Calculator With Extra Payments

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: $300,000.00
Monthly Principal & Interest: $1,610.46
Monthly Extra Payment: $300.00
Total Monthly Payment:
$1,910.46
Total # Of Payments: 256
Start Date: Mar, 2023
Payoff Date: Jun, 2044
Principal: $223,500.00
Total Extra Payment: $76,500.00
Total Interest Paid: $188,026.59
Total of all Payments:
$488,026.59

Mortgage Amortization Schedule With Extra Payments

Payment Date Payment # Interest Principal Extra Payment Total Payment Balance
Mar, 2023 1 $1,250.00 $360.46 $300.00 $1,910.46 $299,339.54
Apr, 2023 2 $1,247.25 $363.22 $300.00 $1,910.46 $298,676.32
May, 2023 3 $1,244.48 $365.98 $300.00 $1,910.46 $298,010.34
Jun, 2023 4 $1,241.71 $368.76 $300.00 $1,910.46 $297,341.58
Jul, 2023 5 $1,238.92 $371.54 $300.00 $1,910.46 $296,670.04
Aug, 2023 6 $1,236.13 $374.34 $300.00 $1,910.46 $295,995.70
Sep, 2023 7 $1,233.32 $377.15 $300.00 $1,910.46 $295,318.55
Oct, 2023 8 $1,230.49 $379.97 $300.00 $1,910.46 $294,638.58
Nov, 2023 9 $1,227.66 $382.80 $300.00 $1,910.46 $293,955.78
Dec, 2023 10 $1,224.82 $385.65 $300.00 $1,910.46 $293,270.13
Jan, 2024 11 $1,221.96 $388.51 $300.00 $1,910.46 $292,581.62
Feb, 2024 12 $1,219.09 $391.37 $300.00 $1,910.46 $291,890.25
Mar, 2024 13 $1,216.21 $394.26 $300.00 $1,910.46 $291,195.99
Apr, 2024 14 $1,213.32 $397.15 $300.00 $1,910.46 $290,498.84
May, 2024 15 $1,210.41 $400.05 $300.00 $1,910.46 $289,798.79
Jun, 2024 16 $1,207.49 $402.97 $300.00 $1,910.46 $289,095.82
Jul, 2024 17 $1,204.57 $405.90 $300.00 $1,910.46 $288,389.92
Aug, 2024 18 $1,201.62 $408.84 $300.00 $1,910.46 $287,681.08
Sep, 2024 19 $1,198.67 $411.79 $300.00 $1,910.46 $286,969.29
Oct, 2024 20 $1,195.71 $414.76 $300.00 $1,910.46 $286,254.53
Nov, 2024 21 $1,192.73 $417.74 $300.00 $1,910.46 $285,536.79
Dec, 2024 22 $1,189.74 $420.73 $300.00 $1,910.46 $284,816.06
Jan, 2025 23 $1,186.73 $423.73 $300.00 $1,910.46 $284,092.33
Feb, 2025 24 $1,183.72 $426.75 $300.00 $1,910.46 $283,365.58
Mar, 2025 25 $1,180.69 $429.77 $300.00 $1,910.46 $282,635.81
Apr, 2025 26 $1,177.65 $432.82 $300.00 $1,910.46 $281,902.99
May, 2025 27 $1,174.60 $435.87 $300.00 $1,910.46 $281,167.12
Jun, 2025 28 $1,171.53 $438.94 $300.00 $1,910.46 $280,428.19
Jul, 2025 29 $1,168.45 $442.01 $300.00 $1,910.46 $279,686.18
Aug, 2025 30 $1,165.36 $445.11 $300.00 $1,910.46 $278,941.07
Sep, 2025 31 $1,162.25 $448.21 $300.00 $1,910.46 $278,192.86
Oct, 2025 32 $1,159.14 $451.33 $300.00 $1,910.46 $277,441.53
Nov, 2025 33 $1,156.01 $454.46 $300.00 $1,910.46 $276,687.07
Dec, 2025 34 $1,152.86 $457.60 $300.00 $1,910.46 $275,929.47
Jan, 2026 35 $1,149.71 $460.76 $300.00 $1,910.46 $275,168.71
Feb, 2026 36 $1,146.54 $463.93 $300.00 $1,910.46 $274,404.78
Mar, 2026 37 $1,143.35 $467.11 $300.00 $1,910.46 $273,637.67
Apr, 2026 38 $1,140.16 $470.31 $300.00 $1,910.46 $272,867.36
May, 2026 39 $1,136.95 $473.52 $300.00 $1,910.46 $272,093.85
Jun, 2026 40 $1,133.72 $476.74 $300.00 $1,910.46 $271,317.11
Jul, 2026 41 $1,130.49 $479.98 $300.00 $1,910.46 $270,537.13
Aug, 2026 42 $1,127.24 $483.23 $300.00 $1,910.46 $269,753.90
Sep, 2026 43 $1,123.97 $486.49 $300.00 $1,910.46 $268,967.41
Oct, 2026 44 $1,120.70 $489.77 $300.00 $1,910.46 $268,177.64
Nov, 2026 45 $1,117.41 $493.06 $300.00 $1,910.46 $267,384.59
Dec, 2026 46 $1,114.10 $496.36 $300.00 $1,910.46 $266,588.22
Jan, 2027 47 $1,110.78 $499.68 $300.00 $1,910.46 $265,788.54
Feb, 2027 48 $1,107.45 $503.01 $300.00 $1,910.46 $264,985.53
Mar, 2027 49 $1,104.11 $506.36 $300.00 $1,910.46 $264,179.17
Apr, 2027 50 $1,100.75 $509.72 $300.00 $1,910.46 $263,369.45
May, 2027 51 $1,097.37 $513.09 $300.00 $1,910.46 $262,556.36
Jun, 2027 52 $1,093.98 $516.48 $300.00 $1,910.46 $261,739.88
Jul, 2027 53 $1,090.58 $519.88 $300.00 $1,910.46 $260,920.00
Aug, 2027 54 $1,087.17 $523.30 $300.00 $1,910.46 $260,096.70
Sep, 2027 55 $1,083.74 $526.73 $300.00 $1,910.46 $259,269.97
Oct, 2027 56 $1,080.29 $530.17 $300.00 $1,910.46 $258,439.80
Nov, 2027 57 $1,076.83 $533.63 $300.00 $1,910.46 $257,606.17
Dec, 2027 58 $1,073.36 $537.11 $300.00 $1,910.46 $256,769.06
Jan, 2028 59 $1,069.87 $540.59 $300.00 $1,910.46 $255,928.47
Feb, 2028 60 $1,066.37 $544.10 $300.00 $1,910.46 $255,084.37
Mar, 2028 61 $1,062.85 $547.61 $300.00 $1,910.46 $254,236.76
Apr, 2028 62 $1,059.32 $551.15 $300.00 $1,910.46 $253,385.61
May, 2028 63 $1,055.77 $554.69 $300.00 $1,910.46 $252,530.92
Jun, 2028 64 $1,052.21 $558.25 $300.00 $1,910.46 $251,672.67
Jul, 2028 65 $1,048.64 $561.83 $300.00 $1,910.46 $250,810.84
Aug, 2028 66 $1,045.05 $565.42 $300.00 $1,910.46 $249,945.42
Sep, 2028 67 $1,041.44 $569.03 $300.00 $1,910.46 $249,076.39
Oct, 2028 68 $1,037.82 $572.65 $300.00 $1,910.46 $248,203.75
Nov, 2028 69 $1,034.18 $576.28 $300.00 $1,910.46 $247,327.47
Dec, 2028 70 $1,030.53 $579.93 $300.00 $1,910.46 $246,447.53
Jan, 2029 71 $1,026.86 $583.60 $300.00 $1,910.46 $245,563.93
Feb, 2029 72 $1,023.18 $587.28 $300.00 $1,910.46 $244,676.65
Mar, 2029 73 $1,019.49 $590.98 $300.00 $1,910.46 $243,785.67
Apr, 2029 74 $1,015.77 $594.69 $300.00 $1,910.46 $242,890.98
May, 2029 75 $1,012.05 $598.42 $300.00 $1,910.46 $241,992.56
Jun, 2029 76 $1,008.30 $602.16 $300.00 $1,910.46 $241,090.40
Jul, 2029 77 $1,004.54 $605.92 $300.00 $1,910.46 $240,184.48
Aug, 2029 78 $1,000.77 $609.70 $300.00 $1,910.46 $239,274.78
Sep, 2029 79 $996.98 $613.49 $300.00 $1,910.46 $238,361.29
Oct, 2029 80 $993.17 $617.29 $300.00 $1,910.46 $237,444.00
Nov, 2029 81 $989.35 $621.11 $300.00 $1,910.46 $236,522.89
Dec, 2029 82 $985.51 $624.95 $300.00 $1,910.46 $235,597.93
Jan, 2030 83 $981.66 $628.81 $300.00 $1,910.46 $234,669.13
Feb, 2030 84 $977.79 $632.68 $300.00 $1,910.46 $233,736.45
Mar, 2030 85 $973.90 $636.56 $300.00 $1,910.46 $232,799.89
Apr, 2030 86 $970.00 $640.47 $300.00 $1,910.46 $231,859.42
May, 2030 87 $966.08 $644.38 $300.00 $1,910.46 $230,915.04
Jun, 2030 88 $962.15 $648.32 $300.00 $1,910.46 $229,966.72
Jul, 2030 89 $958.19 $652.27 $300.00 $1,910.46 $229,014.45
Aug, 2030 90 $954.23 $656.24 $300.00 $1,910.46 $228,058.21
Sep, 2030 91 $950.24 $660.22 $300.00 $1,910.46 $227,097.99
Oct, 2030 92 $946.24 $664.22 $300.00 $1,910.46 $226,133.76
Nov, 2030 93 $942.22 $668.24 $300.00 $1,910.46 $225,165.52
Dec, 2030 94 $938.19 $672.28 $300.00 $1,910.46 $224,193.25
Jan, 2031 95 $934.14 $676.33 $300.00 $1,910.46 $223,216.92
Feb, 2031 96 $930.07 $680.39 $300.00 $1,910.46 $222,236.53
Mar, 2031 97 $925.99 $684.48 $300.00 $1,910.46 $221,252.05
Apr, 2031 98 $921.88 $688.58 $300.00 $1,910.46 $220,263.47
May, 2031 99 $917.76 $692.70 $300.00 $1,910.46 $219,270.77
Jun, 2031 100 $913.63 $696.84 $300.00 $1,910.46 $218,273.93
Jul, 2031 101 $909.47 $700.99 $300.00 $1,910.46 $217,272.94
Aug, 2031 102 $905.30 $705.16 $300.00 $1,910.46 $216,267.78
Sep, 2031 103 $901.12 $709.35 $300.00 $1,910.46 $215,258.43
Oct, 2031 104 $896.91 $713.55 $300.00 $1,910.46 $214,244.88
Nov, 2031 105 $892.69 $717.78 $300.00 $1,910.46 $213,227.10
Dec, 2031 106 $888.45 $722.02 $300.00 $1,910.46 $212,205.08
Jan, 2032 107 $884.19 $726.28 $300.00 $1,910.46 $211,178.80
Feb, 2032 108 $879.91 $730.55 $300.00 $1,910.46 $210,148.25
Mar, 2032 109 $875.62 $734.85 $300.00 $1,910.46 $209,113.40
Apr, 2032 110 $871.31 $739.16 $300.00 $1,910.46 $208,074.24
May, 2032 111 $866.98 $743.49 $300.00 $1,910.46 $207,030.75
Jun, 2032 112 $862.63 $747.84 $300.00 $1,910.46 $205,982.92
Jul, 2032 113 $858.26 $752.20 $300.00 $1,910.46 $204,930.71
Aug, 2032 114 $853.88 $756.59 $300.00 $1,910.46 $203,874.13
Sep, 2032 115 $849.48 $760.99 $300.00 $1,910.46 $202,813.14
Oct, 2032 116 $845.05 $765.41 $300.00 $1,910.46 $201,747.73
Nov, 2032 117 $840.62 $769.85 $300.00 $1,910.46 $200,677.88
Dec, 2032 118 $836.16 $774.31 $300.00 $1,910.46 $199,603.57
Jan, 2033 119 $831.68 $778.78 $300.00 $1,910.46 $198,524.79
Feb, 2033 120 $827.19 $783.28 $300.00 $1,910.46 $197,441.51
Mar, 2033 121 $822.67 $787.79 $300.00 $1,910.46 $196,353.72
Apr, 2033 122 $818.14 $792.32 $300.00 $1,910.46 $195,261.39
May, 2033 123 $813.59 $796.88 $300.00 $1,910.46 $194,164.52
Jun, 2033 124 $809.02 $801.45 $300.00 $1,910.46 $193,063.07
Jul, 2033 125 $804.43 $806.04 $300.00 $1,910.46 $191,957.04
Aug, 2033 126 $799.82 $810.64 $300.00 $1,910.46 $190,846.39
Sep, 2033 127 $795.19 $815.27 $300.00 $1,910.46 $189,731.12
Oct, 2033 128 $790.55 $819.92 $300.00 $1,910.46 $188,611.20
Nov, 2033 129 $785.88 $824.58 $300.00 $1,910.46 $187,486.62
Dec, 2033 130 $781.19 $829.27 $300.00 $1,910.46 $186,357.35
Jan, 2034 131 $776.49 $833.98 $300.00 $1,910.46 $185,223.37
Feb, 2034 132 $771.76 $838.70 $300.00 $1,910.46 $184,084.67
Mar, 2034 133 $767.02 $843.45 $300.00 $1,910.46 $182,941.22
Apr, 2034 134 $762.26 $848.21 $300.00 $1,910.46 $181,793.01
May, 2034 135 $757.47 $852.99 $300.00 $1,910.46 $180,640.02
Jun, 2034 136 $752.67 $857.80 $300.00 $1,910.46 $179,482.22
Jul, 2034 137 $747.84 $862.62 $300.00 $1,910.46 $178,319.60
Aug, 2034 138 $743.00 $867.47 $300.00 $1,910.46 $177,152.13
Sep, 2034 139 $738.13 $872.33 $300.00 $1,910.46 $175,979.80
Oct, 2034 140 $733.25 $877.22 $300.00 $1,910.46 $174,802.59
Nov, 2034 141 $728.34 $882.12 $300.00 $1,910.46 $173,620.47
Dec, 2034 142 $723.42 $887.05 $300.00 $1,910.46 $172,433.42
Jan, 2035 143 $718.47 $891.99 $300.00 $1,910.46 $171,241.43
Feb, 2035 144 $713.51 $896.96 $300.00 $1,910.46 $170,044.47
Mar, 2035 145 $708.52 $901.95 $300.00 $1,910.46 $168,842.52
Apr, 2035 146 $703.51 $906.95 $300.00 $1,910.46 $167,635.57
May, 2035 147 $698.48 $911.98 $300.00 $1,910.46 $166,423.59
Jun, 2035 148 $693.43 $917.03 $300.00 $1,910.46 $165,206.55
Jul, 2035 149 $688.36 $922.10 $300.00 $1,910.46 $163,984.45
Aug, 2035 150 $683.27 $927.20 $300.00 $1,910.46 $162,757.25
Sep, 2035 151 $678.16 $932.31 $300.00 $1,910.46 $161,524.94
Oct, 2035 152 $673.02 $937.44 $300.00 $1,910.46 $160,287.50
Nov, 2035 153 $667.86 $942.60 $300.00 $1,910.46 $159,044.90
Dec, 2035 154 $662.69 $947.78 $300.00 $1,910.46 $157,797.12
Jan, 2036 155 $657.49 $952.98 $300.00 $1,910.46 $156,544.14
Feb, 2036 156 $652.27 $958.20 $300.00 $1,910.46 $155,285.94
Mar, 2036 157 $647.02 $963.44 $300.00 $1,910.46 $154,022.50
Apr, 2036 158 $641.76 $968.70 $300.00 $1,910.46 $152,753.80
May, 2036 159 $636.47 $973.99 $300.00 $1,910.46 $151,479.81
Jun, 2036 160 $631.17 $979.30 $300.00 $1,910.46 $150,200.51
Jul, 2036 161 $625.84 $984.63 $300.00 $1,910.46 $148,915.88
Aug, 2036 162 $620.48 $989.98 $300.00 $1,910.46 $147,625.90
Sep, 2036 163 $615.11 $995.36 $300.00 $1,910.46 $146,330.54
Oct, 2036 164 $609.71 $1,000.75 $300.00 $1,910.46 $145,029.79
Nov, 2036 165 $604.29 $1,006.17 $300.00 $1,910.46 $143,723.61
Dec, 2036 166 $598.85 $1,011.62 $300.00 $1,910.46 $142,412.00
Jan, 2037 167 $593.38 $1,017.08 $300.00 $1,910.46 $141,094.92
Feb, 2037 168 $587.90 $1,022.57 $300.00 $1,910.46 $139,772.35
Mar, 2037 169 $582.38 $1,028.08 $300.00 $1,910.46 $138,444.27
Apr, 2037 170 $576.85 $1,033.61 $300.00 $1,910.46 $137,110.65
May, 2037 171 $571.29 $1,039.17 $300.00 $1,910.46 $135,771.48
Jun, 2037 172 $565.71 $1,044.75 $300.00 $1,910.46 $134,426.73
Jul, 2037 173 $560.11 $1,050.35 $300.00 $1,910.46 $133,076.38
Aug, 2037 174 $554.48 $1,055.98 $300.00 $1,910.46 $131,720.40
Sep, 2037 175 $548.83 $1,061.63 $300.00 $1,910.46 $130,358.77
Oct, 2037 176 $543.16 $1,067.30 $300.00 $1,910.46 $128,991.46
Nov, 2037 177 $537.46 $1,073.00 $300.00 $1,910.46 $127,618.46
Dec, 2037 178 $531.74 $1,078.72 $300.00 $1,910.46 $126,239.74
Jan, 2038 179 $526.00 $1,084.47 $300.00 $1,910.46 $124,855.28
Feb, 2038 180 $520.23 $1,090.23 $300.00 $1,910.46 $123,465.04
Mar, 2038 181 $514.44 $1,096.03 $300.00 $1,910.46 $122,069.02
Apr, 2038 182 $508.62 $1,101.84 $300.00 $1,910.46 $120,667.17
May, 2038 183 $502.78 $1,107.68 $300.00 $1,910.46 $119,259.49
Jun, 2038 184 $496.91 $1,113.55 $300.00 $1,910.46 $117,845.94
Jul, 2038 185 $491.02 $1,119.44 $300.00 $1,910.46 $116,426.50
Aug, 2038 186 $485.11 $1,125.35 $300.00 $1,910.46 $115,001.14
Sep, 2038 187 $479.17 $1,131.29 $300.00 $1,910.46 $113,569.85
Oct, 2038 188 $473.21 $1,137.26 $300.00 $1,910.46 $112,132.59
Nov, 2038 189 $467.22 $1,143.25 $300.00 $1,910.46 $110,689.35
Dec, 2038 190 $461.21 $1,149.26 $300.00 $1,910.46 $109,240.09
Jan, 2039 191 $455.17 $1,155.30 $300.00 $1,910.46 $107,784.79
Feb, 2039 192 $449.10 $1,161.36 $300.00 $1,910.46 $106,323.43
Mar, 2039 193 $443.01 $1,167.45 $300.00 $1,910.46 $104,855.98
Apr, 2039 194 $436.90 $1,173.56 $300.00 $1,910.46 $103,382.41
May, 2039 195 $430.76 $1,179.70 $300.00 $1,910.46 $101,902.71
Jun, 2039 196 $424.59 $1,185.87 $300.00 $1,910.46 $100,416.84
Jul, 2039 197 $418.40 $1,192.06 $300.00 $1,910.46 $98,924.77
Aug, 2039 198 $412.19 $1,198.28 $300.00 $1,910.46 $97,426.50
Sep, 2039 199 $405.94 $1,204.52 $300.00 $1,910.46 $95,921.98
Oct, 2039 200 $399.67 $1,210.79 $300.00 $1,910.46 $94,411.19
Nov, 2039 201 $393.38 $1,217.08 $300.00 $1,910.46 $92,894.10
Dec, 2039 202 $387.06 $1,223.41 $300.00 $1,910.46 $91,370.69
Jan, 2040 203 $380.71 $1,229.75 $300.00 $1,910.46 $89,840.94
Feb, 2040 204 $374.34 $1,236.13 $300.00 $1,910.46 $88,304.81
Mar, 2040 205 $367.94 $1,242.53 $300.00 $1,910.46 $86,762.28
Apr, 2040 206 $361.51 $1,248.96 $300.00 $1,910.46 $85,213.33
May, 2040 207 $355.06 $1,255.41 $300.00 $1,910.46 $83,657.92
Jun, 2040 208 $348.57 $1,261.89 $300.00 $1,910.46 $82,096.03
Jul, 2040 209 $342.07 $1,268.40 $300.00 $1,910.46 $80,527.63
Aug, 2040 210 $335.53 $1,274.93 $300.00 $1,910.46 $78,952.70
Sep, 2040 211 $328.97 $1,281.50 $300.00 $1,910.46 $77,371.20
Oct, 2040 212 $322.38 $1,288.08 $300.00 $1,910.46 $75,783.12
Nov, 2040 213 $315.76 $1,294.70 $300.00 $1,910.46 $74,188.42
Dec, 2040 214 $309.12 $1,301.35 $300.00 $1,910.46 $72,587.07
Jan, 2041 215 $302.45 $1,308.02 $300.00 $1,910.46 $70,979.05
Feb, 2041 216 $295.75 $1,314.72 $300.00 $1,910.46 $69,364.33
Mar, 2041 217 $289.02 $1,321.45 $300.00 $1,910.46 $67,742.89
Apr, 2041 218 $282.26 $1,328.20 $300.00 $1,910.46 $66,114.68
May, 2041 219 $275.48 $1,334.99 $300.00 $1,910.46 $64,479.70
Jun, 2041 220 $268.67 $1,341.80 $300.00 $1,910.46 $62,837.90
Jul, 2041 221 $261.82 $1,348.64 $300.00 $1,910.46 $61,189.26
Aug, 2041 222 $254.96 $1,355.51 $300.00 $1,910.46 $59,533.75
Sep, 2041 223 $248.06 $1,362.41 $300.00 $1,910.46 $57,871.34
Oct, 2041 224 $241.13 $1,369.33 $300.00 $1,910.46 $56,202.00
Nov, 2041 225 $234.18 $1,376.29 $300.00 $1,910.46 $54,525.71
Dec, 2041 226 $227.19 $1,383.27 $300.00 $1,910.46 $52,842.44
Jan, 2042 227 $220.18 $1,390.29 $300.00 $1,910.46 $51,152.15
Feb, 2042 228 $213.13 $1,397.33 $300.00 $1,910.46 $49,454.82
Mar, 2042 229 $206.06 $1,404.40 $300.00 $1,910.46 $47,750.42
Apr, 2042 230 $198.96 $1,411.50 $300.00 $1,910.46 $46,038.91
May, 2042 231 $191.83 $1,418.64 $300.00 $1,910.46 $44,320.28
Jun, 2042 232 $184.67 $1,425.80 $300.00 $1,910.46 $42,594.48
Jul, 2042 233 $177.48 $1,432.99 $300.00 $1,910.46 $40,861.49
Aug, 2042 234 $170.26 $1,440.21 $300.00 $1,910.46 $39,121.28
Sep, 2042 235 $163.01 $1,447.46 $300.00 $1,910.46 $37,373.82
Oct, 2042 236 $155.72 $1,454.74 $300.00 $1,910.46 $35,619.08
Nov, 2042 237 $148.41 $1,462.05 $300.00 $1,910.46 $33,857.03
Dec, 2042 238 $141.07 $1,469.39 $300.00 $1,910.46 $32,087.64
Jan, 2043 239 $133.70 $1,476.77 $300.00 $1,910.46 $30,310.87
Feb, 2043 240 $126.30 $1,484.17 $300.00 $1,910.46 $28,526.70
Mar, 2043 241 $118.86 $1,491.60 $300.00 $1,910.46 $26,735.10
Apr, 2043 242 $111.40 $1,499.07 $300.00 $1,910.46 $24,936.03
May, 2043 243 $103.90 $1,506.56 $300.00 $1,910.46 $23,129.46
Jun, 2043 244 $96.37 $1,514.09 $300.00 $1,910.46 $21,315.37
Jul, 2043 245 $88.81 $1,521.65 $300.00 $1,910.46 $19,493.72
Aug, 2043 246 $81.22 $1,529.24 $300.00 $1,910.46 $17,664.48
Sep, 2043 247 $73.60 $1,536.86 $300.00 $1,910.46 $15,827.62
Oct, 2043 248 $65.95 $1,544.52 $300.00 $1,910.46 $13,983.10
Nov, 2043 249 $58.26 $1,552.20 $300.00 $1,910.46 $12,130.90
Dec, 2043 250 $50.55 $1,559.92 $300.00 $1,910.46 $10,270.98
Jan, 2044 251 $42.80 $1,567.67 $300.00 $1,910.46 $8,403.31
Feb, 2044 252 $35.01 $1,575.45 $300.00 $1,910.46 $6,527.86
Mar, 2044 253 $27.20 $1,583.27 $300.00 $1,910.46 $4,644.59
Apr, 2044 254 $19.35 $1,591.11 $300.00 $1,910.46 $2,753.48
May, 2044 255 $11.47 $1,598.99 $300.00 $1,910.46 $854.49
Jun, 2044 256 $3.56 $854.49 $0.00 $858.05 $0.00

Compare Monthly vs. Bi-weekly

Payment Frequency Monthly Bi-weekly
Payments / Year 12 26
Each Payment $1,910.46 $1,105.23
Total Extra Payments $76,500.00 $115,200.00
Total Interest $188,026.59 $124,626.03
Total Tax, Insurance, PMI & Fees $0.00 $0.00
Total Payment $488,026.59 $424,626.03
Total Savings $0 $63,400.56
Payoff Date Jun, 2044 Dec, 2037



Loan Amortization Schedule Excel With Extra Payments

Loan amortization schedule excel with extra payments is useful for homeowners and borrowers to see how much faster than can payoff their loans and mortgages, and how much interest they can save by making extra payments periodically or an one time lump sum payment.


What is additional principal payment?

Additional principal payment of a mortgage or loan is used to reduce the loan balance. Since the interest payment is calculated based on the loan balance, making extra principal payments will reduce the interest payment and the overall costs of the loan. To understand how extra payment works, we first need to learn how a regular amortization schedule is calculated.


How is an amortization schedule calculated?

When a borrower applies for a mortgage or loan to finance the purchase of his dream home. He needs to pay the bank back the loan amount (principal) plus interest over a number of years. For home mortgages, the 15-year and 30-year are common terms which means the loan will be paid off in 15 or 30 years. On a fixed rate mortgage, the borrower pays the same amount each month. The monthly payment is made up of two parts, the principal and interest. At the beginning of a mortgage term, most of the payment goes for interest and little is going towards paying down the principal. Each month the principal and interest payment is recalculated. The interest payment is calculated based on the remaining balance of the loan, the lower the balance, the less interest payment the borrower has to pay for that month. That means as time passes, the monthly payments will shift more towards the principal than the interest. Eventually, the mortgage is paid off in full when the balance reaches $0. To learn more about amortization schedules and how to create one, visit the amortization schedule calculator.


How to pay off my mortgage faster with extra payments?

By making extra payments each month towards the principal, the borrower will pay off his mortgage earlier and save a lot of money on interest payments. As we see from the above, although the monthly payment remains the same through the course of the loan for fixed interest rates, the principal and interest payment is recalculated each month. The more a borrower pays to reduce the principal, the less he pays for the interest. Extra payments will also allow a borrower to build equity in his house faster. The benefits of having more equity in the house mean that a borrower can borrow against the house using a home equity loan, home equity line of credit, cash-out refinance or remove the private mortgage insurance from his home.




Mistakes to avoid with extra payments

There are two things that you need to be aware of before you start making extra payments toward your mortgage.

  • Prepayment penalties -¬†double-check with your bank. Make sure that there are no penalties for extra payments and paying off your mortgage earlier.
  • Extra payment to reduce principal - let your lender know that the extra payments that you make are to be used for reducing your principal. Some lenders may assume that the extra payments that you make are for early payments for the next month, so make sure you tell them clearly that the extra payments should be used for reducing your loan balance.

How much can you save with extra payments?

The amount of money that you can save with extra payments depends on a few variables, the interest rate, term, loan balance, number of extra payments, and the size of the extra payments. Let's take a look at the following example. Mortgage Amount: $300,000 Loan Terms: 30 year Interest Rate: 5% Fixed The monthly payment for the above mortgage is $1,610.46, and it would take 30 years to pay off. The total costs of interest payment are $279,767.35, which means the borrower would pay a total of $579,767.35 in 30 years. Payoff: 30 Years Interest Payment: $279,767.35 Total Payment: $579,767.35 Now, let's see how much one can save if he makes $300 extra payments on his mortgage each month. Extra Payments: $300 By making $300 extra each month on top of the regular $1,610.46, the borrower is essentially paying $1,910.46 monthly. With this extra payment, the borrower is able to pay off his mortgage in 21 years, with interest payments of only $188,026.59, which means he saves $91,740.76 in interest payments. Payoff: 21 Years Interest Payment: $188,026.59 Total Payment: $488,026.59 Total Savings: $91,740.76 As we can see from the above example, if the borrower makes a $300 or 18% extra payment of the original monthly payment, he reduces his term by 9 years and saves about 33% in interest payments.


Can lump sum extra payment save money on your mortgage?

Borrowers who cannot afford to make recurring monthly extra payments may consider lump sum payments. If you are getting a bonus from your job at year-end or receiving an inheritance, you can use that money to make lump sum payments toward your mortgage. Any amount that helps reduce your loan balance will save you interest in the long term. It doesn't have to be a large sum. Borrowers can start small, and gradually increase the extra payments if they can afford to. The monthly payments remain the same when a borrower makes a lump sum payment, but the interest payments will be readjusted and reduced. The borrower may also shake off a few years from his loan term depending on the size of the lump sum payment.




Mortgage Calculator With Extra Payments

The extra payment loan calculator gives you four options for extra payments, a one-time lump sum payment, recurring monthly, quarterly, or yearly payments. On top of these extra payment options, the extra payment loan calculator also has an option for biweekly payments allowing a borrower to see how much interest they can save with biweekly payments. Loan Amount - The principal amount Loan Terms - How many years will the borrower pay off the loan Interest Rate - The fixed interest rate the borrower is getting Payment Frequency - The payment frequency could be monthly or biweekly. The default is the monthly payment. First Payment Date - When is/was the first payment date? The payment date is used to calculate what year your loan will be paid off. Amortization Schedule - You have the option to show all monthly payments, or you can group them by year so that you only view the total amount paid each year. Extra Payments -  You can choose to make extra payments. Select yes for extra payments, and select no if you do not wish to make extra payments. One Time - Enter an amount for a one-time lump sum extra payment if you wish to make a lump sum payment. Monthly or Biweekly - Recurring monthly or biweekly payment depending on the amortization schedule. Quarterly - Recurring quarterly extra payments. Leave it as $0 if you do not want to make recurring extra payments. Yearly - Recurring yearly extra payments.

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