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Financial calculators and cash flows · Extra payments
Extra payments. Every extra amount goes straight to principal, so later periods charge interest on a smaller balance and the loan ends early.
Extra payments
Mathematical examples based on your inputs; taxes, fees and market forecasts are not included.
Results are for study and planning. Check decisions about real money with a qualified professional.
Money you receive is positive, money you pay is negative. For a loan you take: PV +, PMT −.
Your calculation
- Payments until paid off
- 295
- Payments saved
- 65
- Interest without extra payments
- 231,677.04
- Total interest
- 182,538.19
- Interest you save
- 49,138.85
- Balance left at the end
- 0
- Last payment
- 602.79
How the calculation works
Every extra amount goes straight to principal, so later periods charge interest on a smaller balance and the loan ends early.
A worked example
- Nominal annual rate (%)
- 6
- Periods
- 360
- Present value
- 200,000
- Payment per period
- -1,199.1010503055
- Payments per year
- 12
- Compounding per year
- 12
- Extra with every payment
- 100
- One-time payment
- 0
- One-time payment at payment no.
- 1
Step by step
- r = Nominal annual rate (%) ÷ Payments per year = 6 % ÷ 12 = 0.5 %
- 1: Interest = 200,000 × 0.5 % = 1,000 · 1,199.1 + 100 − 1,000 = 299.1
- Payments until paid off: 360 → 295 · Payments saved = 65
- Interest you save = 231,677.04 − 182,538.19 = 49,138.85
Take the rate, term and payment from the loan contract. The extra amount is added to every payment; the one-time payment is applied once.
If one input changes
- Extra with every payment = 50: Payments until paid off = 324 · Interest you save = 27,879.53
- Extra with every payment = 200: Payments until paid off = 252 · Interest you save = 79,800.86
- Extra with every payment = 300: Payments until paid off = 221 · Interest you save = 101,106.31
- Extra with every payment = 500: Payments until paid off = 179 · Interest you save = 129,142.55
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