TotalFin.com: Extra Mortgage or Loan Payments Calculator

Extra Mortgage or Loan Payments Calculator

Have you ever wondered how much quicker you could pay off your loan if you made regular extra monthly payments? For instance, if you could afford to pay an extra $200 per month on your loan, with a loan of $120,000 for 30 years at an interest rate of 6.5%, you could save 7.5 years and $71,906 in interest expense. Enter your details below to calculate how many years and how much interest you could save.

Step One: Enter your loan amount, the original term of your loan (usually 25 years) and the interest percentage rate.	Loan Amount	$
	Original Term	years
	Interest Rate	%
Step Two: Click the button to calculate the monthly payments based on your original term. Then, enter how much extra you think you can pay per month (example: if your monthly payments are $600 and you think you can afford to pay $800 then enter 200 in the extra payments box)
	Monthly Payments	$
	Extra Payments per month	$
Step Three: Click the Calculate New Term button to find out how long your loan will take to pay off based on your regular extra payments and how much interest you will save.	Scroll down to see results
Result: Your new loan term is years and you will save $ in interest.