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	Year Month
Interest Rate
Payment Frequency	Monthly Bi-weekly
First Payment Date
Amortization Schedule	Show All Payments Group By Year
Extra Payments	Yes No
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:			Dec, 2024
Payoff Date:			Mar, 2046
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
Dec, 2024	1	$1,250.00	$360.46	$300.00	$1,910.46	$299,339.54
Jan, 2025	2	$1,247.25	$363.22	$300.00	$1,910.46	$298,676.32
Feb, 2025	3	$1,244.48	$365.98	$300.00	$1,910.46	$298,010.34
Mar, 2025	4	$1,241.71	$368.76	$300.00	$1,910.46	$297,341.58
Apr, 2025	5	$1,238.92	$371.54	$300.00	$1,910.46	$296,670.04
May, 2025	6	$1,236.13	$374.34	$300.00	$1,910.46	$295,995.70
Jun, 2025	7	$1,233.32	$377.15	$300.00	$1,910.46	$295,318.55
Jul, 2025	8	$1,230.49	$379.97	$300.00	$1,910.46	$294,638.58
Aug, 2025	9	$1,227.66	$382.80	$300.00	$1,910.46	$293,955.78
Sep, 2025	10	$1,224.82	$385.65	$300.00	$1,910.46	$293,270.13
Oct, 2025	11	$1,221.96	$388.51	$300.00	$1,910.46	$292,581.62
Nov, 2025	12	$1,219.09	$391.37	$300.00	$1,910.46	$291,890.25
Dec, 2025	13	$1,216.21	$394.26	$300.00	$1,910.46	$291,195.99
Jan, 2026	14	$1,213.32	$397.15	$300.00	$1,910.46	$290,498.84
Feb, 2026	15	$1,210.41	$400.05	$300.00	$1,910.46	$289,798.79
Mar, 2026	16	$1,207.49	$402.97	$300.00	$1,910.46	$289,095.82
Apr, 2026	17	$1,204.57	$405.90	$300.00	$1,910.46	$288,389.92
May, 2026	18	$1,201.62	$408.84	$300.00	$1,910.46	$287,681.08
Jun, 2026	19	$1,198.67	$411.79	$300.00	$1,910.46	$286,969.29
Jul, 2026	20	$1,195.71	$414.76	$300.00	$1,910.46	$286,254.53
Aug, 2026	21	$1,192.73	$417.74	$300.00	$1,910.46	$285,536.79
Sep, 2026	22	$1,189.74	$420.73	$300.00	$1,910.46	$284,816.06
Oct, 2026	23	$1,186.73	$423.73	$300.00	$1,910.46	$284,092.33
Nov, 2026	24	$1,183.72	$426.75	$300.00	$1,910.46	$283,365.58
Dec, 2026	25	$1,180.69	$429.77	$300.00	$1,910.46	$282,635.81
Jan, 2027	26	$1,177.65	$432.82	$300.00	$1,910.46	$281,902.99
Feb, 2027	27	$1,174.60	$435.87	$300.00	$1,910.46	$281,167.12
Mar, 2027	28	$1,171.53	$438.94	$300.00	$1,910.46	$280,428.19
Apr, 2027	29	$1,168.45	$442.01	$300.00	$1,910.46	$279,686.18
May, 2027	30	$1,165.36	$445.11	$300.00	$1,910.46	$278,941.07
Jun, 2027	31	$1,162.25	$448.21	$300.00	$1,910.46	$278,192.86
Jul, 2027	32	$1,159.14	$451.33	$300.00	$1,910.46	$277,441.53
Aug, 2027	33	$1,156.01	$454.46	$300.00	$1,910.46	$276,687.07
Sep, 2027	34	$1,152.86	$457.60	$300.00	$1,910.46	$275,929.47
Oct, 2027	35	$1,149.71	$460.76	$300.00	$1,910.46	$275,168.71
Nov, 2027	36	$1,146.54	$463.93	$300.00	$1,910.46	$274,404.78
Dec, 2027	37	$1,143.35	$467.11	$300.00	$1,910.46	$273,637.67
Jan, 2028	38	$1,140.16	$470.31	$300.00	$1,910.46	$272,867.36
Feb, 2028	39	$1,136.95	$473.52	$300.00	$1,910.46	$272,093.85
Mar, 2028	40	$1,133.72	$476.74	$300.00	$1,910.46	$271,317.11
Apr, 2028	41	$1,130.49	$479.98	$300.00	$1,910.46	$270,537.13
May, 2028	42	$1,127.24	$483.23	$300.00	$1,910.46	$269,753.90
Jun, 2028	43	$1,123.97	$486.49	$300.00	$1,910.46	$268,967.41
Jul, 2028	44	$1,120.70	$489.77	$300.00	$1,910.46	$268,177.64
Aug, 2028	45	$1,117.41	$493.06	$300.00	$1,910.46	$267,384.59
Sep, 2028	46	$1,114.10	$496.36	$300.00	$1,910.46	$266,588.22
Oct, 2028	47	$1,110.78	$499.68	$300.00	$1,910.46	$265,788.54
Nov, 2028	48	$1,107.45	$503.01	$300.00	$1,910.46	$264,985.53
Dec, 2028	49	$1,104.11	$506.36	$300.00	$1,910.46	$264,179.17
Jan, 2029	50	$1,100.75	$509.72	$300.00	$1,910.46	$263,369.45
Feb, 2029	51	$1,097.37	$513.09	$300.00	$1,910.46	$262,556.36
Mar, 2029	52	$1,093.98	$516.48	$300.00	$1,910.46	$261,739.88
Apr, 2029	53	$1,090.58	$519.88	$300.00	$1,910.46	$260,920.00
May, 2029	54	$1,087.17	$523.30	$300.00	$1,910.46	$260,096.70
Jun, 2029	55	$1,083.74	$526.73	$300.00	$1,910.46	$259,269.97
Jul, 2029	56	$1,080.29	$530.17	$300.00	$1,910.46	$258,439.80
Aug, 2029	57	$1,076.83	$533.63	$300.00	$1,910.46	$257,606.17
Sep, 2029	58	$1,073.36	$537.11	$300.00	$1,910.46	$256,769.06
Oct, 2029	59	$1,069.87	$540.59	$300.00	$1,910.46	$255,928.47
Nov, 2029	60	$1,066.37	$544.10	$300.00	$1,910.46	$255,084.37
Dec, 2029	61	$1,062.85	$547.61	$300.00	$1,910.46	$254,236.76
Jan, 2030	62	$1,059.32	$551.15	$300.00	$1,910.46	$253,385.61
Feb, 2030	63	$1,055.77	$554.69	$300.00	$1,910.46	$252,530.92
Mar, 2030	64	$1,052.21	$558.25	$300.00	$1,910.46	$251,672.67
Apr, 2030	65	$1,048.64	$561.83	$300.00	$1,910.46	$250,810.84
May, 2030	66	$1,045.05	$565.42	$300.00	$1,910.46	$249,945.42
Jun, 2030	67	$1,041.44	$569.03	$300.00	$1,910.46	$249,076.39
Jul, 2030	68	$1,037.82	$572.65	$300.00	$1,910.46	$248,203.75
Aug, 2030	69	$1,034.18	$576.28	$300.00	$1,910.46	$247,327.47
Sep, 2030	70	$1,030.53	$579.93	$300.00	$1,910.46	$246,447.53
Oct, 2030	71	$1,026.86	$583.60	$300.00	$1,910.46	$245,563.93
Nov, 2030	72	$1,023.18	$587.28	$300.00	$1,910.46	$244,676.65
Dec, 2030	73	$1,019.49	$590.98	$300.00	$1,910.46	$243,785.67
Jan, 2031	74	$1,015.77	$594.69	$300.00	$1,910.46	$242,890.98
Feb, 2031	75	$1,012.05	$598.42	$300.00	$1,910.46	$241,992.56
Mar, 2031	76	$1,008.30	$602.16	$300.00	$1,910.46	$241,090.40
Apr, 2031	77	$1,004.54	$605.92	$300.00	$1,910.46	$240,184.48
May, 2031	78	$1,000.77	$609.70	$300.00	$1,910.46	$239,274.78
Jun, 2031	79	$996.98	$613.49	$300.00	$1,910.46	$238,361.29
Jul, 2031	80	$993.17	$617.29	$300.00	$1,910.46	$237,444.00
Aug, 2031	81	$989.35	$621.11	$300.00	$1,910.46	$236,522.89
Sep, 2031	82	$985.51	$624.95	$300.00	$1,910.46	$235,597.93
Oct, 2031	83	$981.66	$628.81	$300.00	$1,910.46	$234,669.13
Nov, 2031	84	$977.79	$632.68	$300.00	$1,910.46	$233,736.45
Dec, 2031	85	$973.90	$636.56	$300.00	$1,910.46	$232,799.89
Jan, 2032	86	$970.00	$640.47	$300.00	$1,910.46	$231,859.42
Feb, 2032	87	$966.08	$644.38	$300.00	$1,910.46	$230,915.04
Mar, 2032	88	$962.15	$648.32	$300.00	$1,910.46	$229,966.72
Apr, 2032	89	$958.19	$652.27	$300.00	$1,910.46	$229,014.45
May, 2032	90	$954.23	$656.24	$300.00	$1,910.46	$228,058.21
Jun, 2032	91	$950.24	$660.22	$300.00	$1,910.46	$227,097.99
Jul, 2032	92	$946.24	$664.22	$300.00	$1,910.46	$226,133.76
Aug, 2032	93	$942.22	$668.24	$300.00	$1,910.46	$225,165.52
Sep, 2032	94	$938.19	$672.28	$300.00	$1,910.46	$224,193.25
Oct, 2032	95	$934.14	$676.33	$300.00	$1,910.46	$223,216.92
Nov, 2032	96	$930.07	$680.39	$300.00	$1,910.46	$222,236.53
Dec, 2032	97	$925.99	$684.48	$300.00	$1,910.46	$221,252.05
Jan, 2033	98	$921.88	$688.58	$300.00	$1,910.46	$220,263.47
Feb, 2033	99	$917.76	$692.70	$300.00	$1,910.46	$219,270.77
Mar, 2033	100	$913.63	$696.84	$300.00	$1,910.46	$218,273.93
Apr, 2033	101	$909.47	$700.99	$300.00	$1,910.46	$217,272.94
May, 2033	102	$905.30	$705.16	$300.00	$1,910.46	$216,267.78
Jun, 2033	103	$901.12	$709.35	$300.00	$1,910.46	$215,258.43
Jul, 2033	104	$896.91	$713.55	$300.00	$1,910.46	$214,244.88
Aug, 2033	105	$892.69	$717.78	$300.00	$1,910.46	$213,227.10
Sep, 2033	106	$888.45	$722.02	$300.00	$1,910.46	$212,205.08
Oct, 2033	107	$884.19	$726.28	$300.00	$1,910.46	$211,178.80
Nov, 2033	108	$879.91	$730.55	$300.00	$1,910.46	$210,148.25
Dec, 2033	109	$875.62	$734.85	$300.00	$1,910.46	$209,113.40
Jan, 2034	110	$871.31	$739.16	$300.00	$1,910.46	$208,074.24
Feb, 2034	111	$866.98	$743.49	$300.00	$1,910.46	$207,030.75
Mar, 2034	112	$862.63	$747.84	$300.00	$1,910.46	$205,982.92
Apr, 2034	113	$858.26	$752.20	$300.00	$1,910.46	$204,930.71
May, 2034	114	$853.88	$756.59	$300.00	$1,910.46	$203,874.13
Jun, 2034	115	$849.48	$760.99	$300.00	$1,910.46	$202,813.14
Jul, 2034	116	$845.05	$765.41	$300.00	$1,910.46	$201,747.73
Aug, 2034	117	$840.62	$769.85	$300.00	$1,910.46	$200,677.88
Sep, 2034	118	$836.16	$774.31	$300.00	$1,910.46	$199,603.57
Oct, 2034	119	$831.68	$778.78	$300.00	$1,910.46	$198,524.79
Nov, 2034	120	$827.19	$783.28	$300.00	$1,910.46	$197,441.51
Dec, 2034	121	$822.67	$787.79	$300.00	$1,910.46	$196,353.72
Jan, 2035	122	$818.14	$792.32	$300.00	$1,910.46	$195,261.39
Feb, 2035	123	$813.59	$796.88	$300.00	$1,910.46	$194,164.52
Mar, 2035	124	$809.02	$801.45	$300.00	$1,910.46	$193,063.07
Apr, 2035	125	$804.43	$806.04	$300.00	$1,910.46	$191,957.04
May, 2035	126	$799.82	$810.64	$300.00	$1,910.46	$190,846.39
Jun, 2035	127	$795.19	$815.27	$300.00	$1,910.46	$189,731.12
Jul, 2035	128	$790.55	$819.92	$300.00	$1,910.46	$188,611.20
Aug, 2035	129	$785.88	$824.58	$300.00	$1,910.46	$187,486.62
Sep, 2035	130	$781.19	$829.27	$300.00	$1,910.46	$186,357.35
Oct, 2035	131	$776.49	$833.98	$300.00	$1,910.46	$185,223.37
Nov, 2035	132	$771.76	$838.70	$300.00	$1,910.46	$184,084.67
Dec, 2035	133	$767.02	$843.45	$300.00	$1,910.46	$182,941.22
Jan, 2036	134	$762.26	$848.21	$300.00	$1,910.46	$181,793.01
Feb, 2036	135	$757.47	$852.99	$300.00	$1,910.46	$180,640.02
Mar, 2036	136	$752.67	$857.80	$300.00	$1,910.46	$179,482.22
Apr, 2036	137	$747.84	$862.62	$300.00	$1,910.46	$178,319.60
May, 2036	138	$743.00	$867.47	$300.00	$1,910.46	$177,152.13
Jun, 2036	139	$738.13	$872.33	$300.00	$1,910.46	$175,979.80
Jul, 2036	140	$733.25	$877.22	$300.00	$1,910.46	$174,802.59
Aug, 2036	141	$728.34	$882.12	$300.00	$1,910.46	$173,620.47
Sep, 2036	142	$723.42	$887.05	$300.00	$1,910.46	$172,433.42
Oct, 2036	143	$718.47	$891.99	$300.00	$1,910.46	$171,241.43
Nov, 2036	144	$713.51	$896.96	$300.00	$1,910.46	$170,044.47
Dec, 2036	145	$708.52	$901.95	$300.00	$1,910.46	$168,842.52
Jan, 2037	146	$703.51	$906.95	$300.00	$1,910.46	$167,635.57
Feb, 2037	147	$698.48	$911.98	$300.00	$1,910.46	$166,423.59
Mar, 2037	148	$693.43	$917.03	$300.00	$1,910.46	$165,206.55
Apr, 2037	149	$688.36	$922.10	$300.00	$1,910.46	$163,984.45
May, 2037	150	$683.27	$927.20	$300.00	$1,910.46	$162,757.25
Jun, 2037	151	$678.16	$932.31	$300.00	$1,910.46	$161,524.94
Jul, 2037	152	$673.02	$937.44	$300.00	$1,910.46	$160,287.50
Aug, 2037	153	$667.86	$942.60	$300.00	$1,910.46	$159,044.90
Sep, 2037	154	$662.69	$947.78	$300.00	$1,910.46	$157,797.12
Oct, 2037	155	$657.49	$952.98	$300.00	$1,910.46	$156,544.14
Nov, 2037	156	$652.27	$958.20	$300.00	$1,910.46	$155,285.94
Dec, 2037	157	$647.02	$963.44	$300.00	$1,910.46	$154,022.50
Jan, 2038	158	$641.76	$968.70	$300.00	$1,910.46	$152,753.80
Feb, 2038	159	$636.47	$973.99	$300.00	$1,910.46	$151,479.81
Mar, 2038	160	$631.17	$979.30	$300.00	$1,910.46	$150,200.51
Apr, 2038	161	$625.84	$984.63	$300.00	$1,910.46	$148,915.88
May, 2038	162	$620.48	$989.98	$300.00	$1,910.46	$147,625.90
Jun, 2038	163	$615.11	$995.36	$300.00	$1,910.46	$146,330.54
Jul, 2038	164	$609.71	$1,000.75	$300.00	$1,910.46	$145,029.79
Aug, 2038	165	$604.29	$1,006.17	$300.00	$1,910.46	$143,723.61
Sep, 2038	166	$598.85	$1,011.62	$300.00	$1,910.46	$142,412.00
Oct, 2038	167	$593.38	$1,017.08	$300.00	$1,910.46	$141,094.92
Nov, 2038	168	$587.90	$1,022.57	$300.00	$1,910.46	$139,772.35
Dec, 2038	169	$582.38	$1,028.08	$300.00	$1,910.46	$138,444.27
Jan, 2039	170	$576.85	$1,033.61	$300.00	$1,910.46	$137,110.65
Feb, 2039	171	$571.29	$1,039.17	$300.00	$1,910.46	$135,771.48
Mar, 2039	172	$565.71	$1,044.75	$300.00	$1,910.46	$134,426.73
Apr, 2039	173	$560.11	$1,050.35	$300.00	$1,910.46	$133,076.38
May, 2039	174	$554.48	$1,055.98	$300.00	$1,910.46	$131,720.40
Jun, 2039	175	$548.83	$1,061.63	$300.00	$1,910.46	$130,358.77
Jul, 2039	176	$543.16	$1,067.30	$300.00	$1,910.46	$128,991.46
Aug, 2039	177	$537.46	$1,073.00	$300.00	$1,910.46	$127,618.46
Sep, 2039	178	$531.74	$1,078.72	$300.00	$1,910.46	$126,239.74
Oct, 2039	179	$526.00	$1,084.47	$300.00	$1,910.46	$124,855.28
Nov, 2039	180	$520.23	$1,090.23	$300.00	$1,910.46	$123,465.04
Dec, 2039	181	$514.44	$1,096.03	$300.00	$1,910.46	$122,069.02
Jan, 2040	182	$508.62	$1,101.84	$300.00	$1,910.46	$120,667.17
Feb, 2040	183	$502.78	$1,107.68	$300.00	$1,910.46	$119,259.49
Mar, 2040	184	$496.91	$1,113.55	$300.00	$1,910.46	$117,845.94
Apr, 2040	185	$491.02	$1,119.44	$300.00	$1,910.46	$116,426.50
May, 2040	186	$485.11	$1,125.35	$300.00	$1,910.46	$115,001.14
Jun, 2040	187	$479.17	$1,131.29	$300.00	$1,910.46	$113,569.85
Jul, 2040	188	$473.21	$1,137.26	$300.00	$1,910.46	$112,132.59
Aug, 2040	189	$467.22	$1,143.25	$300.00	$1,910.46	$110,689.35
Sep, 2040	190	$461.21	$1,149.26	$300.00	$1,910.46	$109,240.09
Oct, 2040	191	$455.17	$1,155.30	$300.00	$1,910.46	$107,784.79
Nov, 2040	192	$449.10	$1,161.36	$300.00	$1,910.46	$106,323.43
Dec, 2040	193	$443.01	$1,167.45	$300.00	$1,910.46	$104,855.98
Jan, 2041	194	$436.90	$1,173.56	$300.00	$1,910.46	$103,382.41
Feb, 2041	195	$430.76	$1,179.70	$300.00	$1,910.46	$101,902.71
Mar, 2041	196	$424.59	$1,185.87	$300.00	$1,910.46	$100,416.84
Apr, 2041	197	$418.40	$1,192.06	$300.00	$1,910.46	$98,924.77
May, 2041	198	$412.19	$1,198.28	$300.00	$1,910.46	$97,426.50
Jun, 2041	199	$405.94	$1,204.52	$300.00	$1,910.46	$95,921.98
Jul, 2041	200	$399.67	$1,210.79	$300.00	$1,910.46	$94,411.19
Aug, 2041	201	$393.38	$1,217.08	$300.00	$1,910.46	$92,894.10
Sep, 2041	202	$387.06	$1,223.41	$300.00	$1,910.46	$91,370.69
Oct, 2041	203	$380.71	$1,229.75	$300.00	$1,910.46	$89,840.94
Nov, 2041	204	$374.34	$1,236.13	$300.00	$1,910.46	$88,304.81
Dec, 2041	205	$367.94	$1,242.53	$300.00	$1,910.46	$86,762.28
Jan, 2042	206	$361.51	$1,248.96	$300.00	$1,910.46	$85,213.33
Feb, 2042	207	$355.06	$1,255.41	$300.00	$1,910.46	$83,657.92
Mar, 2042	208	$348.57	$1,261.89	$300.00	$1,910.46	$82,096.03
Apr, 2042	209	$342.07	$1,268.40	$300.00	$1,910.46	$80,527.63
May, 2042	210	$335.53	$1,274.93	$300.00	$1,910.46	$78,952.70
Jun, 2042	211	$328.97	$1,281.50	$300.00	$1,910.46	$77,371.20
Jul, 2042	212	$322.38	$1,288.08	$300.00	$1,910.46	$75,783.12
Aug, 2042	213	$315.76	$1,294.70	$300.00	$1,910.46	$74,188.42
Sep, 2042	214	$309.12	$1,301.35	$300.00	$1,910.46	$72,587.07
Oct, 2042	215	$302.45	$1,308.02	$300.00	$1,910.46	$70,979.05
Nov, 2042	216	$295.75	$1,314.72	$300.00	$1,910.46	$69,364.33
Dec, 2042	217	$289.02	$1,321.45	$300.00	$1,910.46	$67,742.89
Jan, 2043	218	$282.26	$1,328.20	$300.00	$1,910.46	$66,114.68
Feb, 2043	219	$275.48	$1,334.99	$300.00	$1,910.46	$64,479.70
Mar, 2043	220	$268.67	$1,341.80	$300.00	$1,910.46	$62,837.90
Apr, 2043	221	$261.82	$1,348.64	$300.00	$1,910.46	$61,189.26
May, 2043	222	$254.96	$1,355.51	$300.00	$1,910.46	$59,533.75
Jun, 2043	223	$248.06	$1,362.41	$300.00	$1,910.46	$57,871.34
Jul, 2043	224	$241.13	$1,369.33	$300.00	$1,910.46	$56,202.00
Aug, 2043	225	$234.18	$1,376.29	$300.00	$1,910.46	$54,525.71
Sep, 2043	226	$227.19	$1,383.27	$300.00	$1,910.46	$52,842.44
Oct, 2043	227	$220.18	$1,390.29	$300.00	$1,910.46	$51,152.15
Nov, 2043	228	$213.13	$1,397.33	$300.00	$1,910.46	$49,454.82
Dec, 2043	229	$206.06	$1,404.40	$300.00	$1,910.46	$47,750.42
Jan, 2044	230	$198.96	$1,411.50	$300.00	$1,910.46	$46,038.91
Feb, 2044	231	$191.83	$1,418.64	$300.00	$1,910.46	$44,320.28
Mar, 2044	232	$184.67	$1,425.80	$300.00	$1,910.46	$42,594.48
Apr, 2044	233	$177.48	$1,432.99	$300.00	$1,910.46	$40,861.49
May, 2044	234	$170.26	$1,440.21	$300.00	$1,910.46	$39,121.28
Jun, 2044	235	$163.01	$1,447.46	$300.00	$1,910.46	$37,373.82
Jul, 2044	236	$155.72	$1,454.74	$300.00	$1,910.46	$35,619.08
Aug, 2044	237	$148.41	$1,462.05	$300.00	$1,910.46	$33,857.03
Sep, 2044	238	$141.07	$1,469.39	$300.00	$1,910.46	$32,087.64
Oct, 2044	239	$133.70	$1,476.77	$300.00	$1,910.46	$30,310.87
Nov, 2044	240	$126.30	$1,484.17	$300.00	$1,910.46	$28,526.70
Dec, 2044	241	$118.86	$1,491.60	$300.00	$1,910.46	$26,735.10
Jan, 2045	242	$111.40	$1,499.07	$300.00	$1,910.46	$24,936.03
Feb, 2045	243	$103.90	$1,506.56	$300.00	$1,910.46	$23,129.46
Mar, 2045	244	$96.37	$1,514.09	$300.00	$1,910.46	$21,315.37
Apr, 2045	245	$88.81	$1,521.65	$300.00	$1,910.46	$19,493.72
May, 2045	246	$81.22	$1,529.24	$300.00	$1,910.46	$17,664.48
Jun, 2045	247	$73.60	$1,536.86	$300.00	$1,910.46	$15,827.62
Jul, 2045	248	$65.95	$1,544.52	$300.00	$1,910.46	$13,983.10
Aug, 2045	249	$58.26	$1,552.20	$300.00	$1,910.46	$12,130.90
Sep, 2045	250	$50.55	$1,559.92	$300.00	$1,910.46	$10,270.98
Oct, 2045	251	$42.80	$1,567.67	$300.00	$1,910.46	$8,403.31
Nov, 2045	252	$35.01	$1,575.45	$300.00	$1,910.46	$6,527.86
Dec, 2045	253	$27.20	$1,583.27	$300.00	$1,910.46	$4,644.59
Jan, 2046	254	$19.35	$1,591.11	$300.00	$1,910.46	$2,753.48
Feb, 2046	255	$11.47	$1,598.99	$300.00	$1,910.46	$854.49
Mar, 2046	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		Mar, 2046		Aug, 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

Compare Today's Mortgage Rates
Today's Home Equity Rates


Check Today's Mortgage Rates


Compare Today's Mortgage Rates
Check HELOC Rates