Analyze an existing mortgage and the effect of adding extra money to each payment. Estimate the remaining balance, revised payoff time, total interest, and potential interest savings using the original term, remaining term, rate, and extra payment.
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Result
Payoff in 15 years and 6 months
| IF PAY EXTRA $500.00 PER MONTH | |
|---|---|
| Monthly Payment | $2,445.79 |
| Total Payments | $571,647.26 |
| Total Interest | $271,647.26 |
| Remaining Payments | $454,899.86 |
| Remaining Interest | $173,272.43 |
| THE ORIGINAL PAYOFF SCHEDULE | |
| Monthly Pay | $1,945.79 |
| Total Payments | $700,484.40 |
| Total Interest | $400,484.40 |
| Remaining Payments | $583,737.00 |
| Remaining Interest | $302,109.57 |
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Review the inputs, outputs, calculation method, and formulas used by this tool.
The original payment is calculated from the loan terms, then the remaining balance is amortized with any recurring extra payment.
M = P × r(1 + r)^n / ((1 + r)^n − 1)
B_next = B + B × r − M − Extra
Symbols refer to the corresponding input and result labels shown above.
Enter your figures, choose any available options, and select Calculate. You can change the inputs as often as you like to compare scenarios.
Results are estimates for education and planning. Taxes, lender rules, fees, and investment returns can vary, so verify important decisions with a qualified professional.