Extra Payments Calculator

How advantageous is paying extra principal with your payments?

Remaining balance: $
Current monthly payment: $Principal & Interest Only
Additional amount to pay: $
Current loan rate: %

If you pay an additional $100.00 per month, you will pay off your loan in 20 years and 7 months instead of 30 years. Because you will pay off your loan sooner, you will wind up paying less interest, which will reduce your total payments by $49,388.51.

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The information provided by these calculators is for illustrative purposes only. The information entered may vary from your actual loan, mortgage, investment, or savings results. Interest rates are hypothetical and are not meant to represent any specific investment. Rates of return will vary over time, particularly for long-term investments. The calculated results are not guaranteed to be accurate and are in no way endorsed, offered or guaranteed.