# Extra Payment Loan Calculator #new #auto #parts

#auto loan calc
#

## Loan Calculator w/Extra Payments

1. If you want to calculate how much a mortgage payment will be on a \$200,000 mortgage at 4.25% interest for 360 months, you would enter:
• 200,000 for Principal Value
• 360 for Months
• 4.25 for Interest Rate (Compounded Monthly)
• Press the Payment button, and you’ll see that your payment would be \$983.88. You will pay about \$154,196.69 in interest over the life of this loan. Make sure that the month and year of your first payment is reflected in the first payment due field (in this case -June 2015).
• Now, let’s say you would like to make extra monthly principal payments of \$116.12 (to round the payment to \$1100) for the next 10 years starting in June of 2015. You’ll enter:

• Monthly for how often extra principal payments will be made.
• 116.12 for the extra payment amount
• Select June and 2015 as the first extra payment date
• Select June and 2025 as the date to which the payment will be made. (May will be the last extra payment.)
• Press the View Amortization Schedule button, and you’ll see that your mortgage will be paid in 322 months (instead of 360 months) and you’ll pay about \$130,279.28 in interest (instead of \$154,196.69).
• In this next example, let’s say you took out a 30 year (360 months), \$200,000 mortgage in May of 1996 (first payment due June 1996) at 7.5% interest. Your required payments are \$1398.43, yet you have been making monthly payments of \$1500 (which you intend to continue) with the excess going to principal. Recently, you have received an inheritance and have decided to apply an additional \$25,000 to your mortgage principal in Jan 2014. When will the mortgage be paid in full?
• 200,000 for the Principal Value
• Leave the Months field blank
• 7.5 for Interest Rate (Compounded Monthly)
• 1500 for Payment
• Select May 1996 for when the first payment was due.
• Press the Months button, and you’ll see that you’ll pay \$1500 for 287.58 months before your mortgage will be paid in full. You’ll pay about \$231,365.95 in interest over the life of this loan.
• Next.

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