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Calculator Preferences
Extra Payment Mortgage Calculator

This calculator will calculate the time and interest you will save if you make one-time, weekly, monthly, quarterly, and/or annual extra payments on your house loan. Plus, the calculator provides an optional amortization schedule in the results so you can see the effects of the extra payments over time. The Tips tab includes:

  • Things to consider before making extra payments.
  • Get Your Share of the Bailout Money!
Learn More

Selected Data Record:

A Data Record is a set of calculator entries that are stored in your web browser's Local Storage. If a Data Record is currently selected in the "Data" tab, this line will list the name you gave to that data record. If no data record is selected, or you have no entries stored for this calculator, the line will display "None".

DataData recordData recordSelected data record: None
Entry type:Entry type:Mortgage entry type:Mortgage entries will be based on:

Mortgage entries will be based on:

If you've been making regular scheduled payments, choose Original. Otherwise, if you've already been making extra or unscheduled payments, choose Current. The first four rows will change when you switch between Original and Current terms.

Orig loan:Original loan:Original loan amount:Original home loan amount:

Original home loan amount:

Enter the dollar amount of the original home loan (principal borrowed) without the dollar sign.

Rate:Interest rate:Annual interest rate:Annual interest rate:

Annual interest rate:

Enter the annual percentage rate (APR) of the house loan without the percent sign (for 6.5%, enter 6.5).

Orig years:Original years:Original term in years:Original home loan term in number of years:

Original home loan term in number of years:

Enter the original repayment term of the house loan in number of years (whole years only, i.e., no decimal point).

Month-year of 1st payment:Month and year of 1st payment:Month and year of 1st payment:Month and year of first mortgage payment:

Month and year of first mortgage payment:

Select the month and year of your first mortgage payment. If this is an existing mortgage the extra payment mortgage calculator will assume that a payment has not been made for the current month, so the current month will be used as the start of the amortization schedule.

Extra/wk:Extra/week:Extra weekly payment:Extra payment to add on a weekly basis:

Extra payment to add on a weekly basis:

If you would like to add an extra payment on a reoccurring weekly basis, enter the monthly amount on this line without the dollar sign. If no monthly extra payments are desired, leave blank or enter a zero.

Note that weekly extra payments are applied in a lump sum each month based on how many weeks are in the month (e.g., 31 days in January = 31 ÷ 7 = 4.429 weeks x weekly extra payment).

Extra/mon:Extra/month:Extra monthly payment:Extra payment to add on a monthly basis:

Extra payment to add on a monthly basis:

If you would like to add an extra payment on a reoccurring monthly basis, enter the monthly amount on this line without the dollar sign. If no monthly extra payments are desired, leave blank or enter a zero.

Extra/qtr:Extra/quarter:Extra quarterly payment:Extra payment to add on a quarterly basis:

Extra payment to add on a quarterly basis:

If you would like to add an extra payment on a reoccurring quarterly basis, enter the quarterly amount on this line without the dollar sign. Note that quarterly payments will be allocated in the months of March, June, September, and December. If no quarterly extra payments are desired, leave blank or enter a zero. If no monthly extra payments are desired, leave blank or enter a zero.

Extra/year:Extra/year:Extra annual payment:Extra annual payment:

Annual extra payment:

If you would like to add an extra payment on a reoccurring annual basis, select the month of the year you plan to make the extra payment and then enter the annual amount on this line. If no annual extra payments are desired, leave blank or enter a zero.

One-time:One-time extra:One-time extra payment:One-time extra payment:

One-time extra payment:

If you would like to add an extra payment on a one-time, non-reoccurring basis, select the month and year of the one-time extra payment and then enter the amount on this line. If no one-time extra payment is desired, leave blank or enter a zero.

Note that you can add up to 5 one-time payments. Simply select the number of one-time payments you would like to make, and the calculator will display that number of one-time payment rows.

Schedule:Schedule:Include schedule:Include amortization schedule:

Include amortization schedule:

If you would like the results to include an amortization schedule, move the switch to the "Yes" position. Otherwise move the switch to the "No" position.

Crnt pmt:Current payment:Current P & I payment:Current monthly principal and interest payment:

Current monthly principal and interest payment:

Based on your entries, this is the amount of your current monthly principal and interest (PI) mortgage payment. This does not include property tax or insurance payments.

Pmts made:Payments made:Payments made:Number of payments made:

Number of payments made:

Based on your entries, this is how many payments you have made from your first payment through last month. If the current month is the same as the first payment date you selected, the number of payments made should be zero.

Payoff:Payoff amount:Current payoff amount:Current mortgage payoff amount:

Current mortgage payoff amount:

Based on your entries, this is how much you still owe (principal balance) on your home loan after deducting all of the principal payments you have already made. If the current month is the same as the first payment date you selected, the number of payments made should be zero.

Extra Payment Savings Chart

Extra Payment Savings Chart:

After tapping the "Calculate Savings" button, the chart below will show the months remaining and the interest cost without making extra payments, with making the entered extra payments, and the difference between the two (savings).

Mortgage Payoff ComparisonMonthsInterest
Without extra:Without extra:Without extra payments:Without extra payments:
With extra:With extra:With extra payments:With extra payments:
Extra savings:Extra savings:Extra payment savings:Extra payment savings:

If you would like to save the current entries to the secure online database, tap or click on the Data tab, select "New Data Record", give the data record a name, then tap or click the Save button. To save changes to previously saved entries, simply tap the Save button. Please select and "Clear" any data records you no longer need.

Feedback AppreciatedFeedback Greatly AppreciatedYour Feedback Would Be Greatly AppreciatedYour Feedback Is Greatly Appreciated
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Tip

Help and Tools

Help and Tools:

This section, which you can Unstick or Hide in the Calculator Preferences (just above the top of the calculator), contains the following tabs (content too long to fit within bordered frame can be scrolled up and down):

About: Click this tab for an introduction to the calculator.

Instructions: Click this tab for step-by-step instructions for using the calculator.

Terms: Click this tab for a list of the descriptions that are located within each popup help button (info icons).

PCalc: Click this tab for a handy "pocket" calculator you can use when you need to calculate an entry needed for the calculator.

Data: Click this tab to save a set of entries or a note in between visits. Entries and notes will be stored to your web browser's local storage (if supported by your browser of choice), meaning they can only be recalled with the same device and web browser you were using when you saved them. If you'd like to save entries and notes between devices you can do so by subscribing to the Ad-Free Member Version.

 

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