Purpose
This purpose of this mortgage calculator is to illustrate how an extra monthly payment amount will shorten the amount of Interest paid and the number of months to pay it. When you make a payment higher than your required monthly mortgage payment it is applied directly to principal.
Input
To use this calculator you enter the Mortgage Amount (in dollars), Term (number of years), Interest Rate, and an amount of $0 or greater which represents the Extra Payment you will send in each month.
Results
The results will appear like the following on input of $400,000 , 30 yrs , 8% , $100 Extra Payment.
Monthly Payment (No Extra): $2,935.06 — the Regular Monthly Payment (Interest + Principal)
Monthly Payment (With Extra): $3,035.06 — the Regular Monthly Payment (above) with the Extra Payment
RESULTS: Your monthly payment is increased by the amount you enter in the Extra Payment field
Total Payment (No Extra): $1,056,620.99 — the Total you will pay at the end of the loan term
Total Payment (With Extra): $963,266.60 — the Total you will pay at the end of the loan term with the Extra Payment
RESULTS: With an Extra Payment each month you will end up paying less for the total loan over time, you can view the Total loan savings above.
Total Interest Paid (No Extra): $656,620.99 — the Total Interest you will pay at the end of the loan term
Total Interest Paid (With Extra): $565,148.54 — the Total Interest you will pay at the end of the loan term with the Extra Payment
RESULTS: With an Extra Payment each month you will end up paying less for the total loan Interest over time, you can view the Total loan interest savings above.
Calculate: Once you click “calculate” the amortization table will appear by month which shows the amount of Principal and Interest paid and the total balance remaining. Scroll down the page to determine how many months remain until the loan is paid off.
* This calculator is for illustrative purposes only as there can be other costs associated with a mortgage such as taxes and other costs.
Your Results
You'll shorten your loan by months and save in interest by paying instead of per month.