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9 thoughts on “extra-payment-calculator

  1. Hi,
    I find your extra payment calculator very helpful, but would like two changes:

    1. Allow the extra payment amount to begin on the very first payment (chart shows it starting on second payment whether I enter 1 or 0 in the set up)

    2. Allow entry of date of first payment.

    Thanks again!

    • Glad to hear that you find this calculator useful and thank you for taking the time to comment.

      As to point #1, that’s a bug. I’ll have to get it fixed. And as to point #2, this calculator is not a auditor’s tool. The intent is to give users a quick way to calculate the impact of making extra payments on a loan. Requiring users to enter a date slows things down and it further increases the size of the calculator which makes it less useful on small devices.

      But, we do have a tool that will allow you to do what you want (and will work around the bug too). Please see:

      Time Value of Money Calculators

      and these 2 tutorials:

      Random Extra Principal Payment

      Series of Extra Principal Payments

      The TVM Calculator is our most flexible financial calculator and I think, well worth spending some time with.

    • Jim, item #1 has now been fixed. If you enters 0, for "Increase Starts at Month? (#):", the extra payment starts on the loan date. Of course if you enter 1, then the extra payment starts with the first payment.

      Did you by any chance try the TVM calculator? If so, how did that work for you?

  2. thoughts:

    1. I’d like to be able to see total interest (rather than just interest saved) in the first set of numbers after calculation. After all that is what you want to know — how much it costs rather than just how much you save. You do see this in the second page after you look at the chart, but you can’t print the first set of conclusions with the actual amount of total interest you pay as it stands.

    2. I’d like to be able to set the start date of the loan myself. Your chart just chooses it.

    3. I’d like to be able to print the conclusions of the chart (the summary) rather than the whole chart with all its numbers.

    4. I’d like to be able to add in a big payment to the principal, let’s say one year after I begin the loan. So “What if I was able not only to make extra payments but also a lump payment 12 months into an 84 month loan?”

    Thank you for the charts and the ability to make comments. Both appreciated.

    • Thank you for your “thoughts”. These are constructive ideas and in fact they are so good that is why you’ll find many of them implemented in another calculator! 🙂

      Please see the Time Value of Money Calculator.

      Scroll down the page and checkout these tutorials:

      9. Random Extra Principal Payment
      How to prepay principal on any date

      10. Loan with Series of Extra Principal Payments
      How to calculate loan or mortgage with extra payments

      The calculator supports both within the same schedule.

      You’ll also be able to set the dates (for each payment if you wish).

      About the printing of the summary, I’ve got a list of changes for this site already. Once those are completed, I’ll look at making the changes to the summary that you’ve suggested.

  3. Hi! This is the closest we have found to. What we are looking for… but do you have a way to figure a fixed principal pmt of say 25000 for a 4000000 loan at 10% interest? I find all sorts of “extra pmts” but nothing that shows basically a principal reduction pmt of 25k. And the interest doesn’t really add to the principal, rather the principal lowers by the 25k each month???

    • Hi Kerri. A couple of my calculators will create an amortization schedule with fixed principal payments. I suggest you try this Loan Calculator as one option.

      Note, to create a loan as you describe, set this calculator’s “Amortization Method” to “Fixed Principal“. Once you try it, and if you have any issues or questions, please ask again.

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