Home Page decisionaide.com calculators Menu of Calculators

 

Mortgage Payoff Calculator (2a)

Extra Monthly Payments

Who This Calculator is For: Borrowers who want an amortization schedule,
or want to know when their loan will pay off,
and how much interest they will save, if they make
extra voluntary payments in addition to their required monthly payment.

What This Calculator Does:This calculator provides amortization schedules for
mortgages, with or without additional payments. If additional payments are made,
interest savings and reduction in length of loan are calculated.

NOTE: The calculator will not recognize overlapping payments of the same frequency.
For example, if you want to make an extra monthly payment of $100 during months 1-9,
and an extra payment of $400 for months 7-36, you enter $100 for months 1-6,
$500 for months 7-9, and $400 for months 10-36.

 
Enter Loan Information
  New Loan Amount or Existing Loan Balance  (e.g. 100000)
  Interest Rate  (e.g. 7.50)
  New Loan Term or Period Remaining on Existing Loan, in Months  (e.g. 360)
  Number of Monthly Payments in First Year?  (1 to 12 - defaultd to 12)

DO NOT USE DOLLAR SIGNS ($), COMMAS (,) PLUS SIGNS ( + )
OR PERCENTAGE SIGNS (%) IN ANY INPUT BOXES

Enter Extra Payments
Extra Payment
Intervals		 Amount
of Change		 Starting In
Month #		 Duration Ending In
Month #
 
If you have not made any extra payments on your loan, this is the original term less the number of monthly payments that have been made. If you have made any extra payments, you can find the period remaining by clicking here and entering your current balance, rate, and monthly payment. Make sure the payment is principal and interest only. (hover over yellow icon to make this pop-up disappear) On old loans, the period remaining equals the original term less the number of monthly payments you have made, provided you have not made any prepayments. If you have made prepayments, go to calculator 7a, enter the payment and derive the current term. This item is optional. If you want to know your interest payments for the remainder of the first year, indicate the number of monthly payments you will be making in the first year. The program will default to a full year (12 payments).