Amortization Schedule


Amortization Schedule with Extra Payments



Loan Amortization schedule with extra payments excel 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: Oct, 2023
Payoff Date: Jan, 2045
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
Oct, 2023 1 $1,250.00 $360.46 $300.00 $1,910.46 $299,339.54
Nov, 2023 2 $1,247.25 $363.22 $300.00 $1,910.46 $298,676.32
Dec, 2023 3 $1,244.48 $365.98 $300.00 $1,910.46 $298,010.34
Jan, 2024 4 $1,241.71 $368.76 $300.00 $1,910.46 $297,341.58
Feb, 2024 5 $1,238.92 $371.54 $300.00 $1,910.46 $296,670.04
Mar, 2024 6 $1,236.13 $374.34 $300.00 $1,910.46 $295,995.70
Apr, 2024 7 $1,233.32 $377.15 $300.00 $1,910.46 $295,318.55
May, 2024 8 $1,230.49 $379.97 $300.00 $1,910.46 $294,638.58
Jun, 2024 9 $1,227.66 $382.80 $300.00 $1,910.46 $293,955.78
Jul, 2024 10 $1,224.82 $385.65 $300.00 $1,910.46 $293,270.13
Aug, 2024 11 $1,221.96 $388.51 $300.00 $1,910.46 $292,581.62
Sep, 2024 12 $1,219.09 $391.37 $300.00 $1,910.46 $291,890.25
Oct, 2024 13 $1,216.21 $394.26 $300.00 $1,910.46 $291,195.99
Nov, 2024 14 $1,213.32 $397.15 $300.00 $1,910.46 $290,498.84
Dec, 2024 15 $1,210.41 $400.05 $300.00 $1,910.46 $289,798.79
Jan, 2025 16 $1,207.49 $402.97 $300.00 $1,910.46 $289,095.82
Feb, 2025 17 $1,204.57 $405.90 $300.00 $1,910.46 $288,389.92
Mar, 2025 18 $1,201.62 $408.84 $300.00 $1,910.46 $287,681.08
Apr, 2025 19 $1,198.67 $411.79 $300.00 $1,910.46 $286,969.29
May, 2025 20 $1,195.71 $414.76 $300.00 $1,910.46 $286,254.53
Jun, 2025 21 $1,192.73 $417.74 $300.00 $1,910.46 $285,536.79
Jul, 2025 22 $1,189.74 $420.73 $300.00 $1,910.46 $284,816.06
Aug, 2025 23 $1,186.73 $423.73 $300.00 $1,910.46 $284,092.33
Sep, 2025 24 $1,183.72 $426.75 $300.00 $1,910.46 $283,365.58
Oct, 2025 25 $1,180.69 $429.77 $300.00 $1,910.46 $282,635.81
Nov, 2025 26 $1,177.65 $432.82 $300.00 $1,910.46 $281,902.99
Dec, 2025 27 $1,174.60 $435.87 $300.00 $1,910.46 $281,167.12
Jan, 2026 28 $1,171.53 $438.94 $300.00 $1,910.46 $280,428.19
Feb, 2026 29 $1,168.45 $442.01 $300.00 $1,910.46 $279,686.18
Mar, 2026 30 $1,165.36 $445.11 $300.00 $1,910.46 $278,941.07
Apr, 2026 31 $1,162.25 $448.21 $300.00 $1,910.46 $278,192.86
May, 2026 32 $1,159.14 $451.33 $300.00 $1,910.46 $277,441.53
Jun, 2026 33 $1,156.01 $454.46 $300.00 $1,910.46 $276,687.07
Jul, 2026 34 $1,152.86 $457.60 $300.00 $1,910.46 $275,929.47
Aug, 2026 35 $1,149.71 $460.76 $300.00 $1,910.46 $275,168.71
Sep, 2026 36 $1,146.54 $463.93 $300.00 $1,910.46 $274,404.78
Oct, 2026 37 $1,143.35 $467.11 $300.00 $1,910.46 $273,637.67
Nov, 2026 38 $1,140.16 $470.31 $300.00 $1,910.46 $272,867.36
Dec, 2026 39 $1,136.95 $473.52 $300.00 $1,910.46 $272,093.85
Jan, 2027 40 $1,133.72 $476.74 $300.00 $1,910.46 $271,317.11
Feb, 2027 41 $1,130.49 $479.98 $300.00 $1,910.46 $270,537.13
Mar, 2027 42 $1,127.24 $483.23 $300.00 $1,910.46 $269,753.90
Apr, 2027 43 $1,123.97 $486.49 $300.00 $1,910.46 $268,967.41
May, 2027 44 $1,120.70 $489.77 $300.00 $1,910.46 $268,177.64
Jun, 2027 45 $1,117.41 $493.06 $300.00 $1,910.46 $267,384.59
Jul, 2027 46 $1,114.10 $496.36 $300.00 $1,910.46 $266,588.22
Aug, 2027 47 $1,110.78 $499.68 $300.00 $1,910.46 $265,788.54
Sep, 2027 48 $1,107.45 $503.01 $300.00 $1,910.46 $264,985.53
Oct, 2027 49 $1,104.11 $506.36 $300.00 $1,910.46 $264,179.17
Nov, 2027 50 $1,100.75 $509.72 $300.00 $1,910.46 $263,369.45
Dec, 2027 51 $1,097.37 $513.09 $300.00 $1,910.46 $262,556.36
Jan, 2028 52 $1,093.98 $516.48 $300.00 $1,910.46 $261,739.88
Feb, 2028 53 $1,090.58 $519.88 $300.00 $1,910.46 $260,920.00
Mar, 2028 54 $1,087.17 $523.30 $300.00 $1,910.46 $260,096.70
Apr, 2028 55 $1,083.74 $526.73 $300.00 $1,910.46 $259,269.97
May, 2028 56 $1,080.29 $530.17 $300.00 $1,910.46 $258,439.80
Jun, 2028 57 $1,076.83 $533.63 $300.00 $1,910.46 $257,606.17
Jul, 2028 58 $1,073.36 $537.11 $300.00 $1,910.46 $256,769.06
Aug, 2028 59 $1,069.87 $540.59 $300.00 $1,910.46 $255,928.47
Sep, 2028 60 $1,066.37 $544.10 $300.00 $1,910.46 $255,084.37
Oct, 2028 61 $1,062.85 $547.61 $300.00 $1,910.46 $254,236.76
Nov, 2028 62 $1,059.32 $551.15 $300.00 $1,910.46 $253,385.61
Dec, 2028 63 $1,055.77 $554.69 $300.00 $1,910.46 $252,530.92
Jan, 2029 64 $1,052.21 $558.25 $300.00 $1,910.46 $251,672.67
Feb, 2029 65 $1,048.64 $561.83 $300.00 $1,910.46 $250,810.84
Mar, 2029 66 $1,045.05 $565.42 $300.00 $1,910.46 $249,945.42
Apr, 2029 67 $1,041.44 $569.03 $300.00 $1,910.46 $249,076.39
May, 2029 68 $1,037.82 $572.65 $300.00 $1,910.46 $248,203.75
Jun, 2029 69 $1,034.18 $576.28 $300.00 $1,910.46 $247,327.47
Jul, 2029 70 $1,030.53 $579.93 $300.00 $1,910.46 $246,447.53
Aug, 2029 71 $1,026.86 $583.60 $300.00 $1,910.46 $245,563.93
Sep, 2029 72 $1,023.18 $587.28 $300.00 $1,910.46 $244,676.65
Oct, 2029 73 $1,019.49 $590.98 $300.00 $1,910.46 $243,785.67
Nov, 2029 74 $1,015.77 $594.69 $300.00 $1,910.46 $242,890.98
Dec, 2029 75 $1,012.05 $598.42 $300.00 $1,910.46 $241,992.56
Jan, 2030 76 $1,008.30 $602.16 $300.00 $1,910.46 $241,090.40
Feb, 2030 77 $1,004.54 $605.92 $300.00 $1,910.46 $240,184.48
Mar, 2030 78 $1,000.77 $609.70 $300.00 $1,910.46 $239,274.78
Apr, 2030 79 $996.98 $613.49 $300.00 $1,910.46 $238,361.29
May, 2030 80 $993.17 $617.29 $300.00 $1,910.46 $237,444.00
Jun, 2030 81 $989.35 $621.11 $300.00 $1,910.46 $236,522.89
Jul, 2030 82 $985.51 $624.95 $300.00 $1,910.46 $235,597.93
Aug, 2030 83 $981.66 $628.81 $300.00 $1,910.46 $234,669.13
Sep, 2030 84 $977.79 $632.68 $300.00 $1,910.46 $233,736.45
Oct, 2030 85 $973.90 $636.56 $300.00 $1,910.46 $232,799.89
Nov, 2030 86 $970.00 $640.47 $300.00 $1,910.46 $231,859.42
Dec, 2030 87 $966.08 $644.38 $300.00 $1,910.46 $230,915.04
Jan, 2031 88 $962.15 $648.32 $300.00 $1,910.46 $229,966.72
Feb, 2031 89 $958.19 $652.27 $300.00 $1,910.46 $229,014.45
Mar, 2031 90 $954.23 $656.24 $300.00 $1,910.46 $228,058.21
Apr, 2031 91 $950.24 $660.22 $300.00 $1,910.46 $227,097.99
May, 2031 92 $946.24 $664.22 $300.00 $1,910.46 $226,133.76
Jun, 2031 93 $942.22 $668.24 $300.00 $1,910.46 $225,165.52
Jul, 2031 94 $938.19 $672.28 $300.00 $1,910.46 $224,193.25
Aug, 2031 95 $934.14 $676.33 $300.00 $1,910.46 $223,216.92
Sep, 2031 96 $930.07 $680.39 $300.00 $1,910.46 $222,236.53
Oct, 2031 97 $925.99 $684.48 $300.00 $1,910.46 $221,252.05
Nov, 2031 98 $921.88 $688.58 $300.00 $1,910.46 $220,263.47
Dec, 2031 99 $917.76 $692.70 $300.00 $1,910.46 $219,270.77
Jan, 2032 100 $913.63 $696.84 $300.00 $1,910.46 $218,273.93
Feb, 2032 101 $909.47 $700.99 $300.00 $1,910.46 $217,272.94
Mar, 2032 102 $905.30 $705.16 $300.00 $1,910.46 $216,267.78
Apr, 2032 103 $901.12 $709.35 $300.00 $1,910.46 $215,258.43
May, 2032 104 $896.91 $713.55 $300.00 $1,910.46 $214,244.88
Jun, 2032 105 $892.69 $717.78 $300.00 $1,910.46 $213,227.10
Jul, 2032 106 $888.45 $722.02 $300.00 $1,910.46 $212,205.08
Aug, 2032 107 $884.19 $726.28 $300.00 $1,910.46 $211,178.80
Sep, 2032 108 $879.91 $730.55 $300.00 $1,910.46 $210,148.25
Oct, 2032 109 $875.62 $734.85 $300.00 $1,910.46 $209,113.40
Nov, 2032 110 $871.31 $739.16 $300.00 $1,910.46 $208,074.24
Dec, 2032 111 $866.98 $743.49 $300.00 $1,910.46 $207,030.75
Jan, 2033 112 $862.63 $747.84 $300.00 $1,910.46 $205,982.92
Feb, 2033 113 $858.26 $752.20 $300.00 $1,910.46 $204,930.71
Mar, 2033 114 $853.88 $756.59 $300.00 $1,910.46 $203,874.13
Apr, 2033 115 $849.48 $760.99 $300.00 $1,910.46 $202,813.14
May, 2033 116 $845.05 $765.41 $300.00 $1,910.46 $201,747.73
Jun, 2033 117 $840.62 $769.85 $300.00 $1,910.46 $200,677.88
Jul, 2033 118 $836.16 $774.31 $300.00 $1,910.46 $199,603.57
Aug, 2033 119 $831.68 $778.78 $300.00 $1,910.46 $198,524.79
Sep, 2033 120 $827.19 $783.28 $300.00 $1,910.46 $197,441.51
Oct, 2033 121 $822.67 $787.79 $300.00 $1,910.46 $196,353.72
Nov, 2033 122 $818.14 $792.32 $300.00 $1,910.46 $195,261.39
Dec, 2033 123 $813.59 $796.88 $300.00 $1,910.46 $194,164.52
Jan, 2034 124 $809.02 $801.45 $300.00 $1,910.46 $193,063.07
Feb, 2034 125 $804.43 $806.04 $300.00 $1,910.46 $191,957.04
Mar, 2034 126 $799.82 $810.64 $300.00 $1,910.46 $190,846.39
Apr, 2034 127 $795.19 $815.27 $300.00 $1,910.46 $189,731.12
May, 2034 128 $790.55 $819.92 $300.00 $1,910.46 $188,611.20
Jun, 2034 129 $785.88 $824.58 $300.00 $1,910.46 $187,486.62
Jul, 2034 130 $781.19 $829.27 $300.00 $1,910.46 $186,357.35
Aug, 2034 131 $776.49 $833.98 $300.00 $1,910.46 $185,223.37
Sep, 2034 132 $771.76 $838.70 $300.00 $1,910.46 $184,084.67
Oct, 2034 133 $767.02 $843.45 $300.00 $1,910.46 $182,941.22
Nov, 2034 134 $762.26 $848.21 $300.00 $1,910.46 $181,793.01
Dec, 2034 135 $757.47 $852.99 $300.00 $1,910.46 $180,640.02
Jan, 2035 136 $752.67 $857.80 $300.00 $1,910.46 $179,482.22
Feb, 2035 137 $747.84 $862.62 $300.00 $1,910.46 $178,319.60
Mar, 2035 138 $743.00 $867.47 $300.00 $1,910.46 $177,152.13
Apr, 2035 139 $738.13 $872.33 $300.00 $1,910.46 $175,979.80
May, 2035 140 $733.25 $877.22 $300.00 $1,910.46 $174,802.59
Jun, 2035 141 $728.34 $882.12 $300.00 $1,910.46 $173,620.47
Jul, 2035 142 $723.42 $887.05 $300.00 $1,910.46 $172,433.42
Aug, 2035 143 $718.47 $891.99 $300.00 $1,910.46 $171,241.43
Sep, 2035 144 $713.51 $896.96 $300.00 $1,910.46 $170,044.47
Oct, 2035 145 $708.52 $901.95 $300.00 $1,910.46 $168,842.52
Nov, 2035 146 $703.51 $906.95 $300.00 $1,910.46 $167,635.57
Dec, 2035 147 $698.48 $911.98 $300.00 $1,910.46 $166,423.59
Jan, 2036 148 $693.43 $917.03 $300.00 $1,910.46 $165,206.55
Feb, 2036 149 $688.36 $922.10 $300.00 $1,910.46 $163,984.45
Mar, 2036 150 $683.27 $927.20 $300.00 $1,910.46 $162,757.25
Apr, 2036 151 $678.16 $932.31 $300.00 $1,910.46 $161,524.94
May, 2036 152 $673.02 $937.44 $300.00 $1,910.46 $160,287.50
Jun, 2036 153 $667.86 $942.60 $300.00 $1,910.46 $159,044.90
Jul, 2036 154 $662.69 $947.78 $300.00 $1,910.46 $157,797.12
Aug, 2036 155 $657.49 $952.98 $300.00 $1,910.46 $156,544.14
Sep, 2036 156 $652.27 $958.20 $300.00 $1,910.46 $155,285.94
Oct, 2036 157 $647.02 $963.44 $300.00 $1,910.46 $154,022.50
Nov, 2036 158 $641.76 $968.70 $300.00 $1,910.46 $152,753.80
Dec, 2036 159 $636.47 $973.99 $300.00 $1,910.46 $151,479.81
Jan, 2037 160 $631.17 $979.30 $300.00 $1,910.46 $150,200.51
Feb, 2037 161 $625.84 $984.63 $300.00 $1,910.46 $148,915.88
Mar, 2037 162 $620.48 $989.98 $300.00 $1,910.46 $147,625.90
Apr, 2037 163 $615.11 $995.36 $300.00 $1,910.46 $146,330.54
May, 2037 164 $609.71 $1,000.75 $300.00 $1,910.46 $145,029.79
Jun, 2037 165 $604.29 $1,006.17 $300.00 $1,910.46 $143,723.61
Jul, 2037 166 $598.85 $1,011.62 $300.00 $1,910.46 $142,412.00
Aug, 2037 167 $593.38 $1,017.08 $300.00 $1,910.46 $141,094.92
Sep, 2037 168 $587.90 $1,022.57 $300.00 $1,910.46 $139,772.35
Oct, 2037 169 $582.38 $1,028.08 $300.00 $1,910.46 $138,444.27
Nov, 2037 170 $576.85 $1,033.61 $300.00 $1,910.46 $137,110.65
Dec, 2037 171 $571.29 $1,039.17 $300.00 $1,910.46 $135,771.48
Jan, 2038 172 $565.71 $1,044.75 $300.00 $1,910.46 $134,426.73
Feb, 2038 173 $560.11 $1,050.35 $300.00 $1,910.46 $133,076.38
Mar, 2038 174 $554.48 $1,055.98 $300.00 $1,910.46 $131,720.40
Apr, 2038 175 $548.83 $1,061.63 $300.00 $1,910.46 $130,358.77
May, 2038 176 $543.16 $1,067.30 $300.00 $1,910.46 $128,991.46
Jun, 2038 177 $537.46 $1,073.00 $300.00 $1,910.46 $127,618.46
Jul, 2038 178 $531.74 $1,078.72 $300.00 $1,910.46 $126,239.74
Aug, 2038 179 $526.00 $1,084.47 $300.00 $1,910.46 $124,855.28
Sep, 2038 180 $520.23 $1,090.23 $300.00 $1,910.46 $123,465.04
Oct, 2038 181 $514.44 $1,096.03 $300.00 $1,910.46 $122,069.02
Nov, 2038 182 $508.62 $1,101.84 $300.00 $1,910.46 $120,667.17
Dec, 2038 183 $502.78 $1,107.68 $300.00 $1,910.46 $119,259.49
Jan, 2039 184 $496.91 $1,113.55 $300.00 $1,910.46 $117,845.94
Feb, 2039 185 $491.02 $1,119.44 $300.00 $1,910.46 $116,426.50
Mar, 2039 186 $485.11 $1,125.35 $300.00 $1,910.46 $115,001.14
Apr, 2039 187 $479.17 $1,131.29 $300.00 $1,910.46 $113,569.85
May, 2039 188 $473.21 $1,137.26 $300.00 $1,910.46 $112,132.59
Jun, 2039 189 $467.22 $1,143.25 $300.00 $1,910.46 $110,689.35
Jul, 2039 190 $461.21 $1,149.26 $300.00 $1,910.46 $109,240.09
Aug, 2039 191 $455.17 $1,155.30 $300.00 $1,910.46 $107,784.79
Sep, 2039 192 $449.10 $1,161.36 $300.00 $1,910.46 $106,323.43
Oct, 2039 193 $443.01 $1,167.45 $300.00 $1,910.46 $104,855.98
Nov, 2039 194 $436.90 $1,173.56 $300.00 $1,910.46 $103,382.41
Dec, 2039 195 $430.76 $1,179.70 $300.00 $1,910.46 $101,902.71
Jan, 2040 196 $424.59 $1,185.87 $300.00 $1,910.46 $100,416.84
Feb, 2040 197 $418.40 $1,192.06 $300.00 $1,910.46 $98,924.77
Mar, 2040 198 $412.19 $1,198.28 $300.00 $1,910.46 $97,426.50
Apr, 2040 199 $405.94 $1,204.52 $300.00 $1,910.46 $95,921.98
May, 2040 200 $399.67 $1,210.79 $300.00 $1,910.46 $94,411.19
Jun, 2040 201 $393.38 $1,217.08 $300.00 $1,910.46 $92,894.10
Jul, 2040 202 $387.06 $1,223.41 $300.00 $1,910.46 $91,370.69
Aug, 2040 203 $380.71 $1,229.75 $300.00 $1,910.46 $89,840.94
Sep, 2040 204 $374.34 $1,236.13 $300.00 $1,910.46 $88,304.81
Oct, 2040 205 $367.94 $1,242.53 $300.00 $1,910.46 $86,762.28
Nov, 2040 206 $361.51 $1,248.96 $300.00 $1,910.46 $85,213.33
Dec, 2040 207 $355.06 $1,255.41 $300.00 $1,910.46 $83,657.92
Jan, 2041 208 $348.57 $1,261.89 $300.00 $1,910.46 $82,096.03
Feb, 2041 209 $342.07 $1,268.40 $300.00 $1,910.46 $80,527.63
Mar, 2041 210 $335.53 $1,274.93 $300.00 $1,910.46 $78,952.70
Apr, 2041 211 $328.97 $1,281.50 $300.00 $1,910.46 $77,371.20
May, 2041 212 $322.38 $1,288.08 $300.00 $1,910.46 $75,783.12
Jun, 2041 213 $315.76 $1,294.70 $300.00 $1,910.46 $74,188.42
Jul, 2041 214 $309.12 $1,301.35 $300.00 $1,910.46 $72,587.07
Aug, 2041 215 $302.45 $1,308.02 $300.00 $1,910.46 $70,979.05
Sep, 2041 216 $295.75 $1,314.72 $300.00 $1,910.46 $69,364.33
Oct, 2041 217 $289.02 $1,321.45 $300.00 $1,910.46 $67,742.89
Nov, 2041 218 $282.26 $1,328.20 $300.00 $1,910.46 $66,114.68
Dec, 2041 219 $275.48 $1,334.99 $300.00 $1,910.46 $64,479.70
Jan, 2042 220 $268.67 $1,341.80 $300.00 $1,910.46 $62,837.90
Feb, 2042 221 $261.82 $1,348.64 $300.00 $1,910.46 $61,189.26
Mar, 2042 222 $254.96 $1,355.51 $300.00 $1,910.46 $59,533.75
Apr, 2042 223 $248.06 $1,362.41 $300.00 $1,910.46 $57,871.34
May, 2042 224 $241.13 $1,369.33 $300.00 $1,910.46 $56,202.00
Jun, 2042 225 $234.18 $1,376.29 $300.00 $1,910.46 $54,525.71
Jul, 2042 226 $227.19 $1,383.27 $300.00 $1,910.46 $52,842.44
Aug, 2042 227 $220.18 $1,390.29 $300.00 $1,910.46 $51,152.15
Sep, 2042 228 $213.13 $1,397.33 $300.00 $1,910.46 $49,454.82
Oct, 2042 229 $206.06 $1,404.40 $300.00 $1,910.46 $47,750.42
Nov, 2042 230 $198.96 $1,411.50 $300.00 $1,910.46 $46,038.91
Dec, 2042 231 $191.83 $1,418.64 $300.00 $1,910.46 $44,320.28
Jan, 2043 232 $184.67 $1,425.80 $300.00 $1,910.46 $42,594.48
Feb, 2043 233 $177.48 $1,432.99 $300.00 $1,910.46 $40,861.49
Mar, 2043 234 $170.26 $1,440.21 $300.00 $1,910.46 $39,121.28
Apr, 2043 235 $163.01 $1,447.46 $300.00 $1,910.46 $37,373.82
May, 2043 236 $155.72 $1,454.74 $300.00 $1,910.46 $35,619.08
Jun, 2043 237 $148.41 $1,462.05 $300.00 $1,910.46 $33,857.03
Jul, 2043 238 $141.07 $1,469.39 $300.00 $1,910.46 $32,087.64
Aug, 2043 239 $133.70 $1,476.77 $300.00 $1,910.46 $30,310.87
Sep, 2043 240 $126.30 $1,484.17 $300.00 $1,910.46 $28,526.70
Oct, 2043 241 $118.86 $1,491.60 $300.00 $1,910.46 $26,735.10
Nov, 2043 242 $111.40 $1,499.07 $300.00 $1,910.46 $24,936.03
Dec, 2043 243 $103.90 $1,506.56 $300.00 $1,910.46 $23,129.46
Jan, 2044 244 $96.37 $1,514.09 $300.00 $1,910.46 $21,315.37
Feb, 2044 245 $88.81 $1,521.65 $300.00 $1,910.46 $19,493.72
Mar, 2044 246 $81.22 $1,529.24 $300.00 $1,910.46 $17,664.48
Apr, 2044 247 $73.60 $1,536.86 $300.00 $1,910.46 $15,827.62
May, 2044 248 $65.95 $1,544.52 $300.00 $1,910.46 $13,983.10
Jun, 2044 249 $58.26 $1,552.20 $300.00 $1,910.46 $12,130.90
Jul, 2044 250 $50.55 $1,559.92 $300.00 $1,910.46 $10,270.98
Aug, 2044 251 $42.80 $1,567.67 $300.00 $1,910.46 $8,403.31
Sep, 2044 252 $35.01 $1,575.45 $300.00 $1,910.46 $6,527.86
Oct, 2044 253 $27.20 $1,583.27 $300.00 $1,910.46 $4,644.59
Nov, 2044 254 $19.35 $1,591.11 $300.00 $1,910.46 $2,753.48
Dec, 2044 255 $11.47 $1,598.99 $300.00 $1,910.46 $854.49
Jan, 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 Jan, 2045 Jun, 2038



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 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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