Mortgage Amortization Calculator with Extra Payments
Calculate how extra payments can reduce your home loan term and save thousands in interest. Our advanced mortgage amortization calculator with extra payments feature helps you plan your payoff strategy for any loan type.
Loan Information
Summary
| Loan amount | $280,000.00 |
|---|---|
| Interest rate | 6.5% |
| Loan term | 30 years (360 months) |
| Total principal paid | $280,000.00 |
| Total interest paid | $637,142.00 |
| Total cost of loan | $917,142.00 |
| Extra payments total | $0.00 |
| Interest savings | $0.00 |
| Time saved | 0 years 0 months |
| Payment details | Amount |
|---|---|
| Principal & interest | $1,770.00 |
| Additional monthly payment | $0.00 |
| Additional yearly payment | $0.00 |
| One-time payment | $0.00 |
| Total monthly payment | $1,770.00 |
| Payment Date | Payment | Principal | Interest | Extra Payment | Balance |
|---|---|---|---|---|---|
| Oct 2023 | $1,770.00 | $253.33 | $1,516.67 | $0.00 | $279,746.67 |
| Nov 2023 | $1,770.00 | $254.70 | $1,515.30 | $0.00 | $279,491.97 |
| Dec 2023 | $1,770.00 | $256.08 | $1,513.92 | $0.00 | $279,235.89 |
| Sep 2053 | $1,770.00 | $1,764.27 | $5.73 | $0.00 | $1,770.00 |
| Oct 2053 | $1,770.00 | $1,770.00 | $0.00 | $0.00 | $0.00 |
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Plan Your BudgetHow to Use This Mortgage Amortization Calculator with Extra Payments
Start by entering your loan amount, interest rate, and loan term. These are the basic details needed to calculate your mortgage payments with extra payment options.
Click on “Extra Payment Options” to expand that section. You can add:
- Additional monthly payments
- Annual lump sum payments (select month and amount)
- One-time payments on specific dates
This calculator will show you exactly how these extra payments affect your loan payoff timeline.
After entering all your information, click the “Calculate” button to see your amortization schedule with extra payments included.
Examine your results including:
- How much interest you’ll save with extra payments
- How much sooner you’ll pay off your mortgage
- Detailed amortization schedule showing the impact of each extra payment
Save your results by downloading a PDF report or printing them for your records. Use this to discuss payoff strategies with your lender.
Frequently Asked Questions About Mortgage Amortization with Extra Payments
Extra payments directly reduce your principal balance, which means:
- You’ll pay less interest over the life of the loan because interest is calculated on the remaining principal
- You can pay off your mortgage years earlier than scheduled
- Each extra payment has a compounding effect on your interest savings
Our mortgage amortization calculator with extra payments shows you exactly how much you can save.
The most effective strategies include:
- Monthly extra payments: Adding a fixed amount to each payment
- Biweekly payments: Making half your monthly payment every two weeks (results in 13 full payments per year)
- Lump sum payments: Applying bonuses, tax refunds, or other windfalls to your principal
- Annual payments: Making one extra payment each year
Use our calculator to compare these strategies and see which works best for your situation.
Most conventional mortgages allow extra payments, but some loans have restrictions:
- Prepayment penalties: Some loans charge fees for paying off early (common in the first 3-5 years)
- Payment application: Ensure extra payments are applied to principal, not future payments
- Loan type: FHA, VA, and USDA loans typically allow extra payments without penalty
Always check with your lender about their specific policies regarding extra payments.
The savings can be substantial. For example, on a $300,000 mortgage at 4% interest:
- $100 extra monthly: Saves ~$28,000 and pays off loan 4 years early
- One extra payment per year: Saves ~$26,000 and pays off loan 4.5 years early
- $500 extra monthly: Saves ~$67,000 and pays off loan 11 years early
Our mortgage amortization calculator with extra payments lets you calculate exact savings for your loan.
This depends on several factors:
- Mortgage rate vs. investment returns: If your mortgage rate is higher than expected investment returns, paying down debt may be better
- Tax considerations: Mortgage interest may be tax-deductible in some countries
- Risk tolerance: Paying down debt is guaranteed savings, while investments carry risk
- Other debts: Higher-interest debts (like credit cards) should typically be paid first
Many people choose a balanced approach, doing some of both.
For official mortgage rates and information, visit Consumer Financial Protection Bureau.