Calculators
Extra Payments Calculator

Over the course of a loan amortization you will spend hundreds, thousands, and maybe even hundreds or thousands in interest. By making a small additional monthly payment toward principal, you can greatly accelerate the term of the loan and, thereby, realize tremendous savings in interest payments. Use our extra payment calculator to determine how much more quickly you may be able to pay off your debt.

 

Over the course of a loan amortization you will spend hundreds, thousands, and maybe even hundreds or thousands in interest. By making a small additional monthly payment toward principal, you can greatly accelerate the term of the loan and, thereby, realize tremendous savings in interest payments. Use our extra payment calculator to determine how much more quickly you may be able to pay off your debt.

$

Enter the total amount of the loan. This would be the original amount before any payments to the principal

Enter the number of payments already made

%

0% to 40%

$

Enter the current amount you pay.

$

Enter the amount of extra you'd like to pay.

(30 yrs=360) (15 yrs=180)

Based on the numbers you provided, here is your estimated savings if you make extra payments. Want to see more options? Enter new numbers, calculate and compare.

Making extra payments of $500 /month could save you
$60,799
in interest over the life of the loan.
You could own your house 13 years sooner than under your current payment
Current Payment:
$1,200
New Payment:
$1,700

Total Interest with extra Payments

$57,911

Years to payoff with extra payments

15 years

Total Interest without extra payments

$118,709

Years to payoff without extra payments

28 years
CALCULATE

These calculations are tools for learning more about the mortgage process and are for estimation purposes only. Payment shown does not include taxes, insurance, or mortgage insurance (if applicable). This does not constitute an offer or approval of credit. Contact a PrimeLending home loan officer for actual estimates.

For example, a Conventional fixed rate loan with a loan amount of $200,000, on a loan term of 360 months, with a credit score of 740+, down payment of 20%, and an interest rate of 3.375%, will result in an annual percentage rate of 3.452%. Rate pulled 6/18/20, rates change daily. Loans are subject to borrower qualifications, including income, property evaluation, and final credit approval.