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.

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 calculator

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?

How do I calculate the impact of dividing my mortgage into weekly payments, rather than a monthly payment?

You can use the amortization schedule calculator. It allow you to set weekly payments with any payment amount you like.

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.

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.Chart issue.

set up for 134444.00,348 months(29 years), 3.99,0, 630.00extra and months payoff =130. Schedule looks great, but charts show payoff in 19 years instead of 10.8. Values in charts don’t make sense. starts extra in year 3 and so on. good info except for the charts. thanks

Glad the schedule worked for you. And of course, I want to get any software bugs fixed. But what number did you enter for “Increase Starts at Month? (#):”? If I enter 36, the chart shows the extra payments starting in year 4, which is correct.

But now, I just saw if I switch to the extra payments starting at period #1, the chart does not consider that change. I’ll let you know when I post a fix. Thanks for taking the time to report it.

I love that I can see what I’ll be saving by increasing my principle payment each month. It would be great if in addition to what you currently have, you could calculate the impact of additional monthly principle payments AND a one time additional principle payment annually. So adding $100 a month each month, but also an additional $500 principle payment 1or 2 times per year.

I had found a calculator that let me do that once – but I can’t find it anymore.

Thanks

Thanks for your comment.

You can do what you want with the Ultimate Financial Calculator! 🙂

Take note of the tutorials further down the page. Everyone should read tutorial #1 to get an overview. Then the tutorials that will be most interesting to you will be:

And these are NOT mutually exclusive. That is you can have a series of extra payments and a single or multiple extra payments on random days.

To see what you’ll save, run an amortization before entering the extra payments.

Hope this helps.

How can I convert this info into an amortization schedule?

The "Payment Schedule" button creates an amortization schedule. Or are you looking for something else?

Here is how my loan is suppose to work, but I dont think they are doing it right. We are suppose to have a daily compund interest with bi weekely payments on a 30 year note. They can not give me an amortization schdule. Not liking this would like a caculator that shows me what is going on.

The Amortization Schedule calculator would be a better calculator to use for what you need.

how do you figure in insurance as part of mortgage

Please use the Mortgage Calculator.

I’m not sure how to calculate my payment hx. 28 yr/$296,000.

My current monthly payment is $1394.06 & making $205.94 principal payment. Total of $1600 and I making bi weekly payments of $800. So I’m making extra principal payment & the 13th payment of $1394.06 goes to principal. With this payment schedule how much sooner with I get my mortgage paid off? I’m having a hard time finding a calculate to estimate it.

Since the payments are being adjusted with an extra amount and you have biweekly payments as well for another perspective loan, I think the best calculator to use is the Ultimate Financial Calculator on this site. If you try it, scroll down the page, and you find a number of tutorials. I think what you are going to need to do is to calculate each loan separately and compare the schedules.

If after looking at that calculator, you have more questions, please ask them on that page.

Please can I get the plugin for Extra payment calculator

John, a plugin does not exist for this calculator.

Very nice tool. Recommended improvement: allow the extra payment to be at a different frequency. E.g., a loan with a payment of $1000/month. Wife has job that pays bi-weekly, so allow an additional payment of $300 every two weeks.

Thanks, James. I appreciate that. Sorry not to have gotten back to you earlier today, but while this calculator will not do what you want, there is a calculator on the site that will. If you still have the need, please try the Ultimate Financial Calculator. It works with payment "Series" and you can insert a series of extra payments starting on any date and repeated with any frequency you want.

Scroll down the calculator’s page and check out:

I also suggest all users check out tutorial #1 to get started.

Let me know if you have any questions. I’m happy to answer them.

Thanks, very helpful simple calculator. I suggest following additional features to add to the calculator:

1) Please add date, the loan started (as a variable)

2) Amortization spreadsheet

For item #1, there is already a calculator that accepts extra payments and lets you set the dates. Please see the Ultimate Financial Calculator. Once there, scroll down the page and look at the tutorials. There are a couple for extra payment options. Read #1 to get an overview of how this calculator works.

For #2, do you want to export to Excel or another spreadsheet program?

Do you offer a service where I tell you what I need an amortization schedule to do and you plug it in and do it and then I pay you and send it to me?

No. That’s not a service I offer. Why? All the calculators are here. Tell me the details. I’ll tell you what calculator, and you can easily create an amortization schedule for free anytime you need one.

Really great tool! I knew the extra payments would help, but it’s nice to see exactly what the difference is. Thank you for making this available.