Loan Calculator w/Extra Payments

Do this calculation FIRST
-as if you're NOT making extra payments.

Monthly Payment Loan Calculator
w/Extra Payments

Enter the three (3) known fields,
then press the button next to the field to calculate.
Loan Amount$
# of Months 
Annual Interest Rate
Monthly Payment
(Principal & Interest)
First Payment Due
You'll pay a total of $(P&I) over the life of this loan.
⇓ Now do the following... ⇓
Make extra
principal payment(s) of $

to (or paid in full)

  To view the schedule, all input fields must contain a value.

  • Paying down the principal on your loan more quickly will not reduce the minimum monthly payment or allow you to skip a payment until the loan is paid in full.
  • Most loans (mortgage and other) in the United States compound interest monthly.
  • Mortgage loans in Canada compound interest semiannually.
  • 30 years=360 months
  • 25 years=300 months
  • 20 years=240 months
  • 15 years=180 months
  • 10 years=120 months
  •   5 years=  60 months
  •   3 years=  36 months

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  1. If you want to calculate how much a mortgage payment will be on a $400,000 mortgage at 6.5% interest for 360 months (30 years), you would enter:
    • 400000 (or 400,000) = Loan Amount
    • 360 = Months
    • 6.5 = Interest Rate (Compounded Monthly)
    • Press the Payment button, and you'll see that your payment would be $2,528.27. You will pay about $510,179.81 interest over the life of this loan. If you're viewing an amortization schedule, make sure that the month and year of your first payment is reflected in the first payment due field (in this example -Dec 2022).
    Now, let's say you would like to add monthly principal payments of $171.73 (to make the payment be $2700) for the next 10 years starting in February of 2023. You'll enter:
    • Monthly for how often extra principal payments will be made.
    • 171.73 for the extra payment amount
    • Select February 2023 as the beginning extra payment date
    • Select February 2032 as the ending date. (January will actually be the last extra payment.)
    • Press the View Amortization Schedule button, and you'll see that your mortgage will be paid in 325 months (instead of 360 months) and you'll pay about $440,416.88 interest (instead of $510,179.81 00--0.).

  2. In this next example, let's say you took out a 30 year (360 months), $500,000 mortgage in May of 2006 (first payment due June 2006) at 6.5% interest. Your required payments are $3,160.34.
    • 500,000 = Loan Amount
    • Leave the Months field blank
    • 6.5 = Interest Rate (Compounded Monthly)
    • 3160.34 = Payment
    • Select June 2006 for when the first payment was due.
    In Jan of 2014 you received an inheritance of $25,000 and decided to apply it to your mortgage principal.  When will the mortgage be paid in full?
    • Select One-Time-Only
    • 25000 extra payment
    • Select Jan 2014 for when you'll make the extra payment
    • Leave the ending date as is. Just make sure the year is later than the extra payment year. It will not affect the calculation.
    • Now, press the View Amortization Schedule button. You'll see that your mortgage will be paid in just 330 months (instead of 360 months).

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