Amortization Schedule with Extra Payments Calculator
This advanced tool helps you visualize how extra payments can drastically reduce your loan term and save you thousands in interest. Input your loan details, specify your extra payment strategy (fixed monthly or one-time lump sum), and generate a detailed amortization schedule and summary. By making small, consistent extra payments, you can achieve financial freedom faster and significantly cut the total cost of your loan. Get started below to see your potential savings!
Loan Details
Extra Payment Options
✅ Calculation Results
Summary Statistics
Visual Analysis
Detailed Schedule (With Extra Payments)
| # | Date | Regular Payment | Extra Payment | Interest Paid | Principal Paid | Remaining Balance |
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The Power of Extra Payments: Reducing Your Loan Term
A simple guide to understanding and using the Amortization Schedule Calculator.
How to Use the Calculator
Using this advanced amortization calculator is straightforward. Start by entering your loan's core details...
The Calculation Formula
The standard monthly payment ($M$) is calculated using the formula: $M = P \frac{r(1+r)^n}{(1+r)^n - 1}$, where $P$ is the principal, $r$ is the monthly interest rate, and $n$ is the total number of payments. Our calculator iterates on this, applying extra payments directly to the principal to accelerate payoff.
Importance of These Calculations
Understanding your amortization schedule is crucial for financial planning. It allows you to see exactly how much of your payment goes to interest versus principal, and how much you can save by making extra payments...
Related Tips for Loan Payoff
- **Bi-Weekly Payments:** Switching from monthly to bi-weekly payments effectively adds one extra monthly payment per year.
- **Round Up:** Rounding your regular payment up to the nearest hundred or thousand can make a big difference over time.
- **Windfall Payments:** Use bonuses, tax returns, or other unexpected income to make lump-sum payments directly to your principal.
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