Amortization Schedule


Loan Calculator with Extra Payments



Loan calculator with extra payments excel is a home mortgage calculator to calculate your monthly payment with multiple extra payment options. The amortization schedule 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 With Extra Payments

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: Jun, 2024
Payoff Date: Sep, 2045
Principal: $223,500.00
Total Extra Payment: $76,500.00
Total Interest Paid: $188,026.59
Total of all Payments:
$488,026.59

Amortization Schedule With Extra Payments

Payment Date Payment # Interest Principal Extra Payment Total Payment Balance
Jun, 2024 1 $1,250.00 $360.46 $300.00 $1,910.46 $299,339.54
Jul, 2024 2 $1,247.25 $363.22 $300.00 $1,910.46 $298,676.32
Aug, 2024 3 $1,244.48 $365.98 $300.00 $1,910.46 $298,010.34
Sep, 2024 4 $1,241.71 $368.76 $300.00 $1,910.46 $297,341.58
Oct, 2024 5 $1,238.92 $371.54 $300.00 $1,910.46 $296,670.04
Nov, 2024 6 $1,236.13 $374.34 $300.00 $1,910.46 $295,995.70
Dec, 2024 7 $1,233.32 $377.15 $300.00 $1,910.46 $295,318.55
Jan, 2025 8 $1,230.49 $379.97 $300.00 $1,910.46 $294,638.58
Feb, 2025 9 $1,227.66 $382.80 $300.00 $1,910.46 $293,955.78
Mar, 2025 10 $1,224.82 $385.65 $300.00 $1,910.46 $293,270.13
Apr, 2025 11 $1,221.96 $388.51 $300.00 $1,910.46 $292,581.62
May, 2025 12 $1,219.09 $391.37 $300.00 $1,910.46 $291,890.25
Jun, 2025 13 $1,216.21 $394.26 $300.00 $1,910.46 $291,195.99
Jul, 2025 14 $1,213.32 $397.15 $300.00 $1,910.46 $290,498.84
Aug, 2025 15 $1,210.41 $400.05 $300.00 $1,910.46 $289,798.79
Sep, 2025 16 $1,207.49 $402.97 $300.00 $1,910.46 $289,095.82
Oct, 2025 17 $1,204.57 $405.90 $300.00 $1,910.46 $288,389.92
Nov, 2025 18 $1,201.62 $408.84 $300.00 $1,910.46 $287,681.08
Dec, 2025 19 $1,198.67 $411.79 $300.00 $1,910.46 $286,969.29
Jan, 2026 20 $1,195.71 $414.76 $300.00 $1,910.46 $286,254.53
Feb, 2026 21 $1,192.73 $417.74 $300.00 $1,910.46 $285,536.79
Mar, 2026 22 $1,189.74 $420.73 $300.00 $1,910.46 $284,816.06
Apr, 2026 23 $1,186.73 $423.73 $300.00 $1,910.46 $284,092.33
May, 2026 24 $1,183.72 $426.75 $300.00 $1,910.46 $283,365.58
Jun, 2026 25 $1,180.69 $429.77 $300.00 $1,910.46 $282,635.81
Jul, 2026 26 $1,177.65 $432.82 $300.00 $1,910.46 $281,902.99
Aug, 2026 27 $1,174.60 $435.87 $300.00 $1,910.46 $281,167.12
Sep, 2026 28 $1,171.53 $438.94 $300.00 $1,910.46 $280,428.19
Oct, 2026 29 $1,168.45 $442.01 $300.00 $1,910.46 $279,686.18
Nov, 2026 30 $1,165.36 $445.11 $300.00 $1,910.46 $278,941.07
Dec, 2026 31 $1,162.25 $448.21 $300.00 $1,910.46 $278,192.86
Jan, 2027 32 $1,159.14 $451.33 $300.00 $1,910.46 $277,441.53
Feb, 2027 33 $1,156.01 $454.46 $300.00 $1,910.46 $276,687.07
Mar, 2027 34 $1,152.86 $457.60 $300.00 $1,910.46 $275,929.47
Apr, 2027 35 $1,149.71 $460.76 $300.00 $1,910.46 $275,168.71
May, 2027 36 $1,146.54 $463.93 $300.00 $1,910.46 $274,404.78
Jun, 2027 37 $1,143.35 $467.11 $300.00 $1,910.46 $273,637.67
Jul, 2027 38 $1,140.16 $470.31 $300.00 $1,910.46 $272,867.36
Aug, 2027 39 $1,136.95 $473.52 $300.00 $1,910.46 $272,093.85
Sep, 2027 40 $1,133.72 $476.74 $300.00 $1,910.46 $271,317.11
Oct, 2027 41 $1,130.49 $479.98 $300.00 $1,910.46 $270,537.13
Nov, 2027 42 $1,127.24 $483.23 $300.00 $1,910.46 $269,753.90
Dec, 2027 43 $1,123.97 $486.49 $300.00 $1,910.46 $268,967.41
Jan, 2028 44 $1,120.70 $489.77 $300.00 $1,910.46 $268,177.64
Feb, 2028 45 $1,117.41 $493.06 $300.00 $1,910.46 $267,384.59
Mar, 2028 46 $1,114.10 $496.36 $300.00 $1,910.46 $266,588.22
Apr, 2028 47 $1,110.78 $499.68 $300.00 $1,910.46 $265,788.54
May, 2028 48 $1,107.45 $503.01 $300.00 $1,910.46 $264,985.53
Jun, 2028 49 $1,104.11 $506.36 $300.00 $1,910.46 $264,179.17
Jul, 2028 50 $1,100.75 $509.72 $300.00 $1,910.46 $263,369.45
Aug, 2028 51 $1,097.37 $513.09 $300.00 $1,910.46 $262,556.36
Sep, 2028 52 $1,093.98 $516.48 $300.00 $1,910.46 $261,739.88
Oct, 2028 53 $1,090.58 $519.88 $300.00 $1,910.46 $260,920.00
Nov, 2028 54 $1,087.17 $523.30 $300.00 $1,910.46 $260,096.70
Dec, 2028 55 $1,083.74 $526.73 $300.00 $1,910.46 $259,269.97
Jan, 2029 56 $1,080.29 $530.17 $300.00 $1,910.46 $258,439.80
Feb, 2029 57 $1,076.83 $533.63 $300.00 $1,910.46 $257,606.17
Mar, 2029 58 $1,073.36 $537.11 $300.00 $1,910.46 $256,769.06
Apr, 2029 59 $1,069.87 $540.59 $300.00 $1,910.46 $255,928.47
May, 2029 60 $1,066.37 $544.10 $300.00 $1,910.46 $255,084.37
Jun, 2029 61 $1,062.85 $547.61 $300.00 $1,910.46 $254,236.76
Jul, 2029 62 $1,059.32 $551.15 $300.00 $1,910.46 $253,385.61
Aug, 2029 63 $1,055.77 $554.69 $300.00 $1,910.46 $252,530.92
Sep, 2029 64 $1,052.21 $558.25 $300.00 $1,910.46 $251,672.67
Oct, 2029 65 $1,048.64 $561.83 $300.00 $1,910.46 $250,810.84
Nov, 2029 66 $1,045.05 $565.42 $300.00 $1,910.46 $249,945.42
Dec, 2029 67 $1,041.44 $569.03 $300.00 $1,910.46 $249,076.39
Jan, 2030 68 $1,037.82 $572.65 $300.00 $1,910.46 $248,203.75
Feb, 2030 69 $1,034.18 $576.28 $300.00 $1,910.46 $247,327.47
Mar, 2030 70 $1,030.53 $579.93 $300.00 $1,910.46 $246,447.53
Apr, 2030 71 $1,026.86 $583.60 $300.00 $1,910.46 $245,563.93
May, 2030 72 $1,023.18 $587.28 $300.00 $1,910.46 $244,676.65
Jun, 2030 73 $1,019.49 $590.98 $300.00 $1,910.46 $243,785.67
Jul, 2030 74 $1,015.77 $594.69 $300.00 $1,910.46 $242,890.98
Aug, 2030 75 $1,012.05 $598.42 $300.00 $1,910.46 $241,992.56
Sep, 2030 76 $1,008.30 $602.16 $300.00 $1,910.46 $241,090.40
Oct, 2030 77 $1,004.54 $605.92 $300.00 $1,910.46 $240,184.48
Nov, 2030 78 $1,000.77 $609.70 $300.00 $1,910.46 $239,274.78
Dec, 2030 79 $996.98 $613.49 $300.00 $1,910.46 $238,361.29
Jan, 2031 80 $993.17 $617.29 $300.00 $1,910.46 $237,444.00
Feb, 2031 81 $989.35 $621.11 $300.00 $1,910.46 $236,522.89
Mar, 2031 82 $985.51 $624.95 $300.00 $1,910.46 $235,597.93
Apr, 2031 83 $981.66 $628.81 $300.00 $1,910.46 $234,669.13
May, 2031 84 $977.79 $632.68 $300.00 $1,910.46 $233,736.45
Jun, 2031 85 $973.90 $636.56 $300.00 $1,910.46 $232,799.89
Jul, 2031 86 $970.00 $640.47 $300.00 $1,910.46 $231,859.42
Aug, 2031 87 $966.08 $644.38 $300.00 $1,910.46 $230,915.04
Sep, 2031 88 $962.15 $648.32 $300.00 $1,910.46 $229,966.72
Oct, 2031 89 $958.19 $652.27 $300.00 $1,910.46 $229,014.45
Nov, 2031 90 $954.23 $656.24 $300.00 $1,910.46 $228,058.21
Dec, 2031 91 $950.24 $660.22 $300.00 $1,910.46 $227,097.99
Jan, 2032 92 $946.24 $664.22 $300.00 $1,910.46 $226,133.76
Feb, 2032 93 $942.22 $668.24 $300.00 $1,910.46 $225,165.52
Mar, 2032 94 $938.19 $672.28 $300.00 $1,910.46 $224,193.25
Apr, 2032 95 $934.14 $676.33 $300.00 $1,910.46 $223,216.92
May, 2032 96 $930.07 $680.39 $300.00 $1,910.46 $222,236.53
Jun, 2032 97 $925.99 $684.48 $300.00 $1,910.46 $221,252.05
Jul, 2032 98 $921.88 $688.58 $300.00 $1,910.46 $220,263.47
Aug, 2032 99 $917.76 $692.70 $300.00 $1,910.46 $219,270.77
Sep, 2032 100 $913.63 $696.84 $300.00 $1,910.46 $218,273.93
Oct, 2032 101 $909.47 $700.99 $300.00 $1,910.46 $217,272.94
Nov, 2032 102 $905.30 $705.16 $300.00 $1,910.46 $216,267.78
Dec, 2032 103 $901.12 $709.35 $300.00 $1,910.46 $215,258.43
Jan, 2033 104 $896.91 $713.55 $300.00 $1,910.46 $214,244.88
Feb, 2033 105 $892.69 $717.78 $300.00 $1,910.46 $213,227.10
Mar, 2033 106 $888.45 $722.02 $300.00 $1,910.46 $212,205.08
Apr, 2033 107 $884.19 $726.28 $300.00 $1,910.46 $211,178.80
May, 2033 108 $879.91 $730.55 $300.00 $1,910.46 $210,148.25
Jun, 2033 109 $875.62 $734.85 $300.00 $1,910.46 $209,113.40
Jul, 2033 110 $871.31 $739.16 $300.00 $1,910.46 $208,074.24
Aug, 2033 111 $866.98 $743.49 $300.00 $1,910.46 $207,030.75
Sep, 2033 112 $862.63 $747.84 $300.00 $1,910.46 $205,982.92
Oct, 2033 113 $858.26 $752.20 $300.00 $1,910.46 $204,930.71
Nov, 2033 114 $853.88 $756.59 $300.00 $1,910.46 $203,874.13
Dec, 2033 115 $849.48 $760.99 $300.00 $1,910.46 $202,813.14
Jan, 2034 116 $845.05 $765.41 $300.00 $1,910.46 $201,747.73
Feb, 2034 117 $840.62 $769.85 $300.00 $1,910.46 $200,677.88
Mar, 2034 118 $836.16 $774.31 $300.00 $1,910.46 $199,603.57
Apr, 2034 119 $831.68 $778.78 $300.00 $1,910.46 $198,524.79
May, 2034 120 $827.19 $783.28 $300.00 $1,910.46 $197,441.51
Jun, 2034 121 $822.67 $787.79 $300.00 $1,910.46 $196,353.72
Jul, 2034 122 $818.14 $792.32 $300.00 $1,910.46 $195,261.39
Aug, 2034 123 $813.59 $796.88 $300.00 $1,910.46 $194,164.52
Sep, 2034 124 $809.02 $801.45 $300.00 $1,910.46 $193,063.07
Oct, 2034 125 $804.43 $806.04 $300.00 $1,910.46 $191,957.04
Nov, 2034 126 $799.82 $810.64 $300.00 $1,910.46 $190,846.39
Dec, 2034 127 $795.19 $815.27 $300.00 $1,910.46 $189,731.12
Jan, 2035 128 $790.55 $819.92 $300.00 $1,910.46 $188,611.20
Feb, 2035 129 $785.88 $824.58 $300.00 $1,910.46 $187,486.62
Mar, 2035 130 $781.19 $829.27 $300.00 $1,910.46 $186,357.35
Apr, 2035 131 $776.49 $833.98 $300.00 $1,910.46 $185,223.37
May, 2035 132 $771.76 $838.70 $300.00 $1,910.46 $184,084.67
Jun, 2035 133 $767.02 $843.45 $300.00 $1,910.46 $182,941.22
Jul, 2035 134 $762.26 $848.21 $300.00 $1,910.46 $181,793.01
Aug, 2035 135 $757.47 $852.99 $300.00 $1,910.46 $180,640.02
Sep, 2035 136 $752.67 $857.80 $300.00 $1,910.46 $179,482.22
Oct, 2035 137 $747.84 $862.62 $300.00 $1,910.46 $178,319.60
Nov, 2035 138 $743.00 $867.47 $300.00 $1,910.46 $177,152.13
Dec, 2035 139 $738.13 $872.33 $300.00 $1,910.46 $175,979.80
Jan, 2036 140 $733.25 $877.22 $300.00 $1,910.46 $174,802.59
Feb, 2036 141 $728.34 $882.12 $300.00 $1,910.46 $173,620.47
Mar, 2036 142 $723.42 $887.05 $300.00 $1,910.46 $172,433.42
Apr, 2036 143 $718.47 $891.99 $300.00 $1,910.46 $171,241.43
May, 2036 144 $713.51 $896.96 $300.00 $1,910.46 $170,044.47
Jun, 2036 145 $708.52 $901.95 $300.00 $1,910.46 $168,842.52
Jul, 2036 146 $703.51 $906.95 $300.00 $1,910.46 $167,635.57
Aug, 2036 147 $698.48 $911.98 $300.00 $1,910.46 $166,423.59
Sep, 2036 148 $693.43 $917.03 $300.00 $1,910.46 $165,206.55
Oct, 2036 149 $688.36 $922.10 $300.00 $1,910.46 $163,984.45
Nov, 2036 150 $683.27 $927.20 $300.00 $1,910.46 $162,757.25
Dec, 2036 151 $678.16 $932.31 $300.00 $1,910.46 $161,524.94
Jan, 2037 152 $673.02 $937.44 $300.00 $1,910.46 $160,287.50
Feb, 2037 153 $667.86 $942.60 $300.00 $1,910.46 $159,044.90
Mar, 2037 154 $662.69 $947.78 $300.00 $1,910.46 $157,797.12
Apr, 2037 155 $657.49 $952.98 $300.00 $1,910.46 $156,544.14
May, 2037 156 $652.27 $958.20 $300.00 $1,910.46 $155,285.94
Jun, 2037 157 $647.02 $963.44 $300.00 $1,910.46 $154,022.50
Jul, 2037 158 $641.76 $968.70 $300.00 $1,910.46 $152,753.80
Aug, 2037 159 $636.47 $973.99 $300.00 $1,910.46 $151,479.81
Sep, 2037 160 $631.17 $979.30 $300.00 $1,910.46 $150,200.51
Oct, 2037 161 $625.84 $984.63 $300.00 $1,910.46 $148,915.88
Nov, 2037 162 $620.48 $989.98 $300.00 $1,910.46 $147,625.90
Dec, 2037 163 $615.11 $995.36 $300.00 $1,910.46 $146,330.54
Jan, 2038 164 $609.71 $1,000.75 $300.00 $1,910.46 $145,029.79
Feb, 2038 165 $604.29 $1,006.17 $300.00 $1,910.46 $143,723.61
Mar, 2038 166 $598.85 $1,011.62 $300.00 $1,910.46 $142,412.00
Apr, 2038 167 $593.38 $1,017.08 $300.00 $1,910.46 $141,094.92
May, 2038 168 $587.90 $1,022.57 $300.00 $1,910.46 $139,772.35
Jun, 2038 169 $582.38 $1,028.08 $300.00 $1,910.46 $138,444.27
Jul, 2038 170 $576.85 $1,033.61 $300.00 $1,910.46 $137,110.65
Aug, 2038 171 $571.29 $1,039.17 $300.00 $1,910.46 $135,771.48
Sep, 2038 172 $565.71 $1,044.75 $300.00 $1,910.46 $134,426.73
Oct, 2038 173 $560.11 $1,050.35 $300.00 $1,910.46 $133,076.38
Nov, 2038 174 $554.48 $1,055.98 $300.00 $1,910.46 $131,720.40
Dec, 2038 175 $548.83 $1,061.63 $300.00 $1,910.46 $130,358.77
Jan, 2039 176 $543.16 $1,067.30 $300.00 $1,910.46 $128,991.46
Feb, 2039 177 $537.46 $1,073.00 $300.00 $1,910.46 $127,618.46
Mar, 2039 178 $531.74 $1,078.72 $300.00 $1,910.46 $126,239.74
Apr, 2039 179 $526.00 $1,084.47 $300.00 $1,910.46 $124,855.28
May, 2039 180 $520.23 $1,090.23 $300.00 $1,910.46 $123,465.04
Jun, 2039 181 $514.44 $1,096.03 $300.00 $1,910.46 $122,069.02
Jul, 2039 182 $508.62 $1,101.84 $300.00 $1,910.46 $120,667.17
Aug, 2039 183 $502.78 $1,107.68 $300.00 $1,910.46 $119,259.49
Sep, 2039 184 $496.91 $1,113.55 $300.00 $1,910.46 $117,845.94
Oct, 2039 185 $491.02 $1,119.44 $300.00 $1,910.46 $116,426.50
Nov, 2039 186 $485.11 $1,125.35 $300.00 $1,910.46 $115,001.14
Dec, 2039 187 $479.17 $1,131.29 $300.00 $1,910.46 $113,569.85
Jan, 2040 188 $473.21 $1,137.26 $300.00 $1,910.46 $112,132.59
Feb, 2040 189 $467.22 $1,143.25 $300.00 $1,910.46 $110,689.35
Mar, 2040 190 $461.21 $1,149.26 $300.00 $1,910.46 $109,240.09
Apr, 2040 191 $455.17 $1,155.30 $300.00 $1,910.46 $107,784.79
May, 2040 192 $449.10 $1,161.36 $300.00 $1,910.46 $106,323.43
Jun, 2040 193 $443.01 $1,167.45 $300.00 $1,910.46 $104,855.98
Jul, 2040 194 $436.90 $1,173.56 $300.00 $1,910.46 $103,382.41
Aug, 2040 195 $430.76 $1,179.70 $300.00 $1,910.46 $101,902.71
Sep, 2040 196 $424.59 $1,185.87 $300.00 $1,910.46 $100,416.84
Oct, 2040 197 $418.40 $1,192.06 $300.00 $1,910.46 $98,924.77
Nov, 2040 198 $412.19 $1,198.28 $300.00 $1,910.46 $97,426.50
Dec, 2040 199 $405.94 $1,204.52 $300.00 $1,910.46 $95,921.98
Jan, 2041 200 $399.67 $1,210.79 $300.00 $1,910.46 $94,411.19
Feb, 2041 201 $393.38 $1,217.08 $300.00 $1,910.46 $92,894.10
Mar, 2041 202 $387.06 $1,223.41 $300.00 $1,910.46 $91,370.69
Apr, 2041 203 $380.71 $1,229.75 $300.00 $1,910.46 $89,840.94
May, 2041 204 $374.34 $1,236.13 $300.00 $1,910.46 $88,304.81
Jun, 2041 205 $367.94 $1,242.53 $300.00 $1,910.46 $86,762.28
Jul, 2041 206 $361.51 $1,248.96 $300.00 $1,910.46 $85,213.33
Aug, 2041 207 $355.06 $1,255.41 $300.00 $1,910.46 $83,657.92
Sep, 2041 208 $348.57 $1,261.89 $300.00 $1,910.46 $82,096.03
Oct, 2041 209 $342.07 $1,268.40 $300.00 $1,910.46 $80,527.63
Nov, 2041 210 $335.53 $1,274.93 $300.00 $1,910.46 $78,952.70
Dec, 2041 211 $328.97 $1,281.50 $300.00 $1,910.46 $77,371.20
Jan, 2042 212 $322.38 $1,288.08 $300.00 $1,910.46 $75,783.12
Feb, 2042 213 $315.76 $1,294.70 $300.00 $1,910.46 $74,188.42
Mar, 2042 214 $309.12 $1,301.35 $300.00 $1,910.46 $72,587.07
Apr, 2042 215 $302.45 $1,308.02 $300.00 $1,910.46 $70,979.05
May, 2042 216 $295.75 $1,314.72 $300.00 $1,910.46 $69,364.33
Jun, 2042 217 $289.02 $1,321.45 $300.00 $1,910.46 $67,742.89
Jul, 2042 218 $282.26 $1,328.20 $300.00 $1,910.46 $66,114.68
Aug, 2042 219 $275.48 $1,334.99 $300.00 $1,910.46 $64,479.70
Sep, 2042 220 $268.67 $1,341.80 $300.00 $1,910.46 $62,837.90
Oct, 2042 221 $261.82 $1,348.64 $300.00 $1,910.46 $61,189.26
Nov, 2042 222 $254.96 $1,355.51 $300.00 $1,910.46 $59,533.75
Dec, 2042 223 $248.06 $1,362.41 $300.00 $1,910.46 $57,871.34
Jan, 2043 224 $241.13 $1,369.33 $300.00 $1,910.46 $56,202.00
Feb, 2043 225 $234.18 $1,376.29 $300.00 $1,910.46 $54,525.71
Mar, 2043 226 $227.19 $1,383.27 $300.00 $1,910.46 $52,842.44
Apr, 2043 227 $220.18 $1,390.29 $300.00 $1,910.46 $51,152.15
May, 2043 228 $213.13 $1,397.33 $300.00 $1,910.46 $49,454.82
Jun, 2043 229 $206.06 $1,404.40 $300.00 $1,910.46 $47,750.42
Jul, 2043 230 $198.96 $1,411.50 $300.00 $1,910.46 $46,038.91
Aug, 2043 231 $191.83 $1,418.64 $300.00 $1,910.46 $44,320.28
Sep, 2043 232 $184.67 $1,425.80 $300.00 $1,910.46 $42,594.48
Oct, 2043 233 $177.48 $1,432.99 $300.00 $1,910.46 $40,861.49
Nov, 2043 234 $170.26 $1,440.21 $300.00 $1,910.46 $39,121.28
Dec, 2043 235 $163.01 $1,447.46 $300.00 $1,910.46 $37,373.82
Jan, 2044 236 $155.72 $1,454.74 $300.00 $1,910.46 $35,619.08
Feb, 2044 237 $148.41 $1,462.05 $300.00 $1,910.46 $33,857.03
Mar, 2044 238 $141.07 $1,469.39 $300.00 $1,910.46 $32,087.64
Apr, 2044 239 $133.70 $1,476.77 $300.00 $1,910.46 $30,310.87
May, 2044 240 $126.30 $1,484.17 $300.00 $1,910.46 $28,526.70
Jun, 2044 241 $118.86 $1,491.60 $300.00 $1,910.46 $26,735.10
Jul, 2044 242 $111.40 $1,499.07 $300.00 $1,910.46 $24,936.03
Aug, 2044 243 $103.90 $1,506.56 $300.00 $1,910.46 $23,129.46
Sep, 2044 244 $96.37 $1,514.09 $300.00 $1,910.46 $21,315.37
Oct, 2044 245 $88.81 $1,521.65 $300.00 $1,910.46 $19,493.72
Nov, 2044 246 $81.22 $1,529.24 $300.00 $1,910.46 $17,664.48
Dec, 2044 247 $73.60 $1,536.86 $300.00 $1,910.46 $15,827.62
Jan, 2045 248 $65.95 $1,544.52 $300.00 $1,910.46 $13,983.10
Feb, 2045 249 $58.26 $1,552.20 $300.00 $1,910.46 $12,130.90
Mar, 2045 250 $50.55 $1,559.92 $300.00 $1,910.46 $10,270.98
Apr, 2045 251 $42.80 $1,567.67 $300.00 $1,910.46 $8,403.31
May, 2045 252 $35.01 $1,575.45 $300.00 $1,910.46 $6,527.86
Jun, 2045 253 $27.20 $1,583.27 $300.00 $1,910.46 $4,644.59
Jul, 2045 254 $19.35 $1,591.11 $300.00 $1,910.46 $2,753.48
Aug, 2045 255 $11.47 $1,598.99 $300.00 $1,910.46 $854.49
Sep, 2045 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 Sep, 2045 Mar, 2039



Mortgage Amortization Schedule 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 loan calculator with extra payments 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.

Irregular Amortization Schedule

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