Extra Payment Calculator
Use the Extra Payment Calculator to estimate your monthly mortgage payment and figure out how much time and money you could save compare to just paying the standard monthly payment. Enter the loan amount, borrowing term, interest rate and extra monthly payment amount to calculate your estimated mortgage payment and time taken to get the loan paid off.
Amount that will be borrowed from the lender.
Length of the loan expressed in years.
Annual interest rate of the loan.
Extra money paid toward the loan balance to reduce interests and pay off the property sooner.
Monthly Payment
$1,264.81
Total Principal Paid $300,000.00
Total Extra Paid 0.00
Total Interest Paid $155,332.36
Total Paid $455,332.36
Analysis
Based on the data above, by paying extra every month over the life of the loan, you will save in interest and pay off the loan sooner.