 Loan Calculator w/Extra PaymentsDo this calculation FIRST as if you're NOT making extra payments.  
Remember!  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.
FYI 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


EXAMPLES:  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
000.).
 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.
Enter:
 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? Enter:  Select OneTimeOnly
 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).
