Calculator 05 of 09
Extra Payment Calculator
A little more each month, or one lump sum — against interest saved and months removed from the term.
Every figure produced here is illustrative and set for demonstration. Nothing on this page is a quote or an offer.
01The loan, and the extra
1 year
$137,551
Interest saved
5 yr 10 mo removed from the term
Scheduled payment$2,958.08
You would actually pay$3,208.08
Payoff without extra30 years
Payoff with extra24 yr 2 mo
Interest without extra$596,908
Interest with extra$459,357
Every $250 you add each month returns $474 of avoided interest per month paid.
02Two payoff curves
03Where the money goes, year by year
04The accelerated schedule
290 payments · $927,357 paid · $459,357 of it interest
| Year | Payment | Interest | Principal | Interest to date | Balance |
|---|---|---|---|---|---|
| 1 | $38,497 | $30,175 | $8,322 | $30,175 | $459,678 |
| 2 | $38,497 | $29,618 | $8,879 | $59,793 | $450,799 |
| 3 | $38,497 | $29,023 | $9,474 | $88,816 | $441,325 |
| 4 | $38,497 | $28,388 | $10,108 | $117,204 | $431,216 |
| 5 | $38,497 | $27,712 | $10,785 | $144,916 | $420,431 |
| 6 | $38,497 | $26,989 | $11,508 | $171,905 | $408,923 |
| 7 | $38,497 | $26,218 | $12,278 | $198,123 | $396,645 |
| 8 | $38,497 | $25,396 | $13,101 | $223,519 | $383,544 |
| 9 | $38,497 | $24,519 | $13,978 | $248,038 | $369,566 |
| 10 | $38,497 | $23,583 | $14,914 | $271,621 | $354,651 |
| 11 | $38,497 | $22,584 | $15,913 | $294,205 | $338,738 |
| 12 | $38,497 | $21,518 | $16,979 | $315,723 | $321,760 |
| 13 | $38,497 | $20,381 | $18,116 | $336,104 | $303,644 |
| 14 | $38,497 | $19,168 | $19,329 | $355,271 | $284,314 |
| 15 | $38,497 | $17,873 | $20,624 | $373,145 | $263,691 |
| 16 | $38,497 | $16,492 | $22,005 | $389,637 | $241,686 |
| 17 | $38,497 | $15,018 | $23,479 | $404,655 | $218,207 |
| 18 | $38,497 | $13,446 | $25,051 | $418,101 | $193,156 |
| 19 | $38,497 | $11,768 | $26,729 | $429,869 | $166,427 |
| 20 | $38,497 | $9,978 | $28,519 | $439,847 | $137,908 |
| 21 | $38,497 | $8,068 | $30,429 | $447,915 | $107,479 |
| 22 | $38,497 | $6,030 | $32,467 | $453,945 | $75,013 |
| 23 | $38,497 | $3,856 | $34,641 | $457,801 | $40,372 |
| 24 | $38,497 | $1,536 | $36,961 | $459,337 | $3,411 |
| 25 | $3,430 | $20 | $3,411 | $459,357 | $0 |
Assumptions on this page
- Extra money is applied to principal in the month it is paid, and the scheduled payment does not change.
- The comparison is against the identical loan with no extra payments.
- It ignores what the same money would earn invested, and any prepayment terms in a real note.
- Check with a real servicer that extra payments are applied to principal rather than held as a prepaid instalment.
Every rate, fee and figure here is illustrative and set for demonstration. Nothing on this page is a quote, an offer, a commitment to lend, or tax advice.