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