Calculator with Multiple Extra Payments

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The accelerated payment calculator will calculate the effect of making extra principal payments. A very small extra principal payment made along with a regular payment can save the borrower a large amount of interest over the life of a loan, particularly, if those payments are started when the loan is relatively new.

For example, assume that you have taken out a loan for $130,000, for 360 monthly periods with an annual interest rate of 7 3/4%. If, with the 49th payment, you start to pay an extra $225, you will save $75,901.42 in interest payments and the loan will be paid off in 234 payments instead of the original 360 payments.

It is very easy to quickly calculate many different scenarios. Note that the higher the interest rate, the greater the savings for any extra payment amount. Also, for a normal amortizing loan, the interest savings will be greater the sooner the extra payments start. That is, you will save a lot more in interest if you pay an extra $50 a month for the last 20 years than if you pay an extra $100 a month for the last 10 years.

As with many of our other calculators, this calculator will also solve for an unknown input. For example, if you want the calculator to calculate the regular monthly payment, enter '0' (zero) for the "Periodic Payment" and a non-zero values for "Amount of Loan", "Total Months", and "Annual Interest Rate".

If you do not enter a '0' value, the calculator will use your inputs. This allows you to use any payment amount that you need.

Is there any way to export/import to EXCEL??

There is no export to Excel feature, but you can select the entire payment schedule and then copy/paste it to Excel. But note, depending on what browser you are using, you may have to use Excel’s "Paste Special" feature.

About a year ago, I did look into adding an export to Excel feature, but it’s not clear to me what users expect when they ask about this. Is it just the data they are interested in loading in Excel? Or do they expect the schedule to be nicely formatted? Or do they expect the equations? I can imagine several different use cases.

My vehicle loan lender says they are using the “True Daily Earning Method” to determine my loan parameters. The particulars are as follows:

Loan Amount: $14,435.69

Annual Percentage Rate: 23.5115%

99 Semi-Monthly Payments: $227.70

First Payment Paid 6-25-18.

(Interest $86.95

Principal $131.28

Towards Sales Tax $9.47)

I paid an extra $100.00 towards the principal of which they said $95.84 went to principal and $4.16 must go towards sales tax.

I intend to pay an extra $100.00 ($95.84) to the principal every payment and want to know how much of an effect this will have on shortening the length of the loan and how much interest I will save?

How and what calculator do I use to figure this?

Does the loan amount of $14,435.69 include the sales tax owed or is the sales tax added to the loan balance?

What is the sales tax rate (percentage)?

As of now, I think this calculator should do it for you. Did you have any questions about how to use it?

How do I change the start dates, want to go back to April and it doesn’t let me change the start date?

Please use this loan calculator. On the "Options" you’ll have the ability to enter both the extra payment amount and dates, including the start date.

I really appreciate this calculator. I use it regularly to plan my mortgage pre-payments. It obviously doesn’t calculate everything everyone wants, but I find it extremely useful.

I wish there was a way to put my total mortgage payment in, including escrow payments, so I can see how much extra I truly need to pay to get my mortgage paid off in 10 years!

Two things.

First, the escrow portion of the mortgage payment has no impact on when the mortgage is paid off. You don’t even have to think about it, because when the mortgage is paid off and goes away, you’ll still have to pay the escrow – usually property taxes and insurance. If you want to see what your total payment will be and still pay the loan off in 10 years, use this calculator and then add the escrow amount to the payment it suggests to reach your goal of being mortgage free in 10 years.

That said though, you can use this mortgage calculator and it will consider the various items that go into escrow as well as extra payments on the mortgage amount.

If you try it, and have questions, just ask.