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