Extra Payment Calculator

Extra payments, even the smallest of them, are always good for the overall mortgage repayment process – they help you pay the debt sooner, they save you a great deal on the interest.

Input Information
Loan Information
Amount : ($)
Interest Rate : (%)
Length : (Years)
Additional Payment
Additional Payment : ($)
 Let Me Print That Form in PDF!

To Email Address :
Name :
Phone # :

Financial Analysis (Switch to Plain English)
  Standard Additional Payment
Monthly Payment : $1,342.05 $1,392.05
Total Monthly Payments : $483,133.89 $461,835.60
Interest Savings : $21,298.29
Length : 30 Yrs 0 Mts 27 Yrs 8 Mts
Time Saved : 2 Yrs 4 Mts
Plain English Help (Switch to Financial Analysis)

You can actually pay off your mortgage loan much more quickly and save a great deal of money by simply paying a little extra with each of your monthly payments.

If you take out a 30-year loan for $250,000.00 with a 5.000% interest rate, for example, your monthly payment (interest and principal only) will be $1,342.05. When the 30-year term is over, you will have paid $483,133.89 for your home.

If you pay a mere $50.00 more each month, your home will cost you only $461,835.60 in the long run, i.e. you will save $21,298.29 altogether. In addition, you will get the loan paid off 2 Years 4 Months sooner than if you paid only your regular monthly payments.