Loan Calculator With Extra Payment

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Use the loan calculator with extra payments to calculate the savings from interest payments by making additional principal payments each month. The extra payment calculator will calculate how much earlier you can payoff your loan.

Extra Payment Loan Calculator

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

Extra Payment Loan Calculator

Mortgage Amount: $40,000.00
Monthly Principal & Interest: $708.68
Monthly Extra Payment: $300.00
Total Monthly Payment:
$1,008.68
Total # Of Payments: 47
Start Date: Jul, 2024
Payoff Date: May, 2028
Principal: $26,200.00
Total Extra Payment: $13,800.00
Total Interest Paid: $6,993.86
Total of all Payments:
$46,993.86

Amortization Schedule With Extra Payment

Payment Date Payment # Interest Principal Extra Payment Total Payment Balance
Jul, 2024 1 $279.17 $429.51 $300.00 $1,008.68 $39,270.49
Aug, 2024 2 $274.08 $434.60 $300.00 $1,008.68 $38,535.89
Sep, 2024 3 $268.95 $439.73 $300.00 $1,008.68 $37,796.16
Oct, 2024 4 $263.79 $444.89 $300.00 $1,008.68 $37,051.27
Nov, 2024 5 $258.59 $450.09 $300.00 $1,008.68 $36,301.18
Dec, 2024 6 $253.35 $455.32 $300.00 $1,008.68 $35,545.86
Jan, 2025 7 $248.08 $460.60 $300.00 $1,008.68 $34,785.26
Feb, 2025 8 $242.77 $465.90 $300.00 $1,008.68 $34,019.36
Mar, 2025 9 $237.43 $471.25 $300.00 $1,008.68 $33,248.11
Apr, 2025 10 $232.04 $476.63 $300.00 $1,008.68 $32,471.47
May, 2025 11 $226.62 $482.05 $300.00 $1,008.68 $31,689.42
Jun, 2025 12 $221.17 $487.51 $300.00 $1,008.68 $30,901.91
Jul, 2025 13 $215.67 $493.01 $300.00 $1,008.68 $30,108.90
Aug, 2025 14 $210.14 $498.54 $300.00 $1,008.68 $29,310.36
Sep, 2025 15 $204.56 $504.11 $300.00 $1,008.68 $28,506.25
Oct, 2025 16 $198.95 $509.73 $300.00 $1,008.68 $27,696.52
Nov, 2025 17 $193.30 $515.38 $300.00 $1,008.68 $26,881.14
Dec, 2025 18 $187.61 $521.07 $300.00 $1,008.68 $26,060.08
Jan, 2026 19 $181.88 $526.80 $300.00 $1,008.68 $25,233.28
Feb, 2026 20 $176.11 $532.57 $300.00 $1,008.68 $24,400.71
Mar, 2026 21 $170.30 $538.38 $300.00 $1,008.68 $23,562.33
Apr, 2026 22 $164.45 $544.23 $300.00 $1,008.68 $22,718.10
May, 2026 23 $158.55 $550.12 $300.00 $1,008.68 $21,867.97
Jun, 2026 24 $152.62 $556.06 $300.00 $1,008.68 $21,011.92
Jul, 2026 25 $146.65 $562.03 $300.00 $1,008.68 $20,149.89
Aug, 2026 26 $140.63 $568.05 $300.00 $1,008.68 $19,281.84
Sep, 2026 27 $134.57 $574.11 $300.00 $1,008.68 $18,407.74
Oct, 2026 28 $128.47 $580.21 $300.00 $1,008.68 $17,527.53
Nov, 2026 29 $122.33 $586.35 $300.00 $1,008.68 $16,641.18
Dec, 2026 30 $116.14 $592.53 $300.00 $1,008.68 $15,748.65
Jan, 2027 31 $109.91 $598.76 $300.00 $1,008.68 $14,849.88
Feb, 2027 32 $103.64 $605.04 $300.00 $1,008.68 $13,944.85
Mar, 2027 33 $97.32 $611.35 $300.00 $1,008.68 $13,033.49
Apr, 2027 34 $90.96 $617.71 $300.00 $1,008.68 $12,115.78
May, 2027 35 $84.56 $624.12 $300.00 $1,008.68 $11,191.66
Jun, 2027 36 $78.11 $630.57 $300.00 $1,008.68 $10,261.09
Jul, 2027 37 $71.61 $637.06 $300.00 $1,008.68 $9,324.03
Aug, 2027 38 $65.07 $643.60 $300.00 $1,008.68 $8,380.43
Sep, 2027 39 $58.49 $650.19 $300.00 $1,008.68 $7,430.24
Oct, 2027 40 $51.86 $656.82 $300.00 $1,008.68 $6,473.42
Nov, 2027 41 $45.18 $663.50 $300.00 $1,008.68 $5,509.92
Dec, 2027 42 $38.45 $670.22 $300.00 $1,008.68 $4,539.70
Jan, 2028 43 $31.68 $676.99 $300.00 $1,008.68 $3,562.71
Feb, 2028 44 $24.86 $683.81 $300.00 $1,008.68 $2,578.90
Mar, 2028 45 $18.00 $690.68 $300.00 $1,008.68 $1,588.22
Apr, 2028 46 $11.08 $697.59 $300.00 $1,008.68 $590.63
May, 2028 47 $4.12 $590.63 $0.00 $594.75 $0.00

Compare Monthly vs. Bi-weekly

Payment Frequency Monthly Bi-weekly
Payments / Year 12 26
Each Payment $1,008.68 $654.34
Total Extra Payments $13,800.00 $20,400.00
Total Interest $6,993.86 $4,617.82
Total Tax, Insurance, PMI & Fees $0.00 $0.00
Total Payment $46,993.86 $44,617.82
Total Savings $0 $2,376.05
Payoff Date May, 2028 Mar, 2027

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