Mortgage Calculator With Extra Payments




Mortgage Calculator with extra payments and lump sum to calculate your monthly mortgage payments. Extra payment mortgage calculator with multiple extra payments and lump sum has option to export the amortization schedule with extra payments in excel or pdf format. The amortization table has all the details about your mortgage payments, such as principal & interest paid, remaining balance as well as tax and insurance.

Extra Payment Mortgage Calculator

Home Value
$
Down Payment
Mortgage Amount
$
Loan Terms
Interest Rate
PMI (Yearly)
Property Tax (Yearly)
Home Insurance (Yearly)
HOA Fees (Monthly)
Payment Frequency
First Payment Date

Amortization schedule
Extra Payments
One Time
$ On Date
Monthly or Biweekly
$ Starting Date
Quarterly
$ Starting Date
Yearly
$ Starting Date

Mortgage Calculator With Multiple Extra Payments

You can select an one time extra payment or setup multiple extra recurring payments. There are four multiple payment options that you can select from, monthly, biweekly, quarterly and yearly. Once setup, the extra payment information will be added to each of your monthly payment and you can view it from the amortization schedule with extra payments.

Mortgage Calculator With Extra Payments Excel

There are five types of file formats that you can export the mortgage amortization with extra payments, such as xlsx (Excel after 2007), xls (older versions of Excel), csv, txt and pdf.

How to Payoff Your Mortgage Early?

There is one reason that you may want to payoff your mortgage early, and that is to save a lot money on interest. On a regular 30 year term mortgage with a 5% interest, a borrower may end up paying more on interest than principal. If we include other fees such as PMI, tax and insurance, the amount you pay could get much bigger.

In the beginning of your 30 year term, your monthly mortgage payments will be mostly towards paying for interest, and little to pay down principle. Only when you are half way through the 30 year term, your monthly payment starts to paying more for principle than interest.

One way to reduce interest payment is through extra payment. That means a borrower makes a one time lump sum payment, or making extra payments each month or year. Some borrowers may consider bi-weekly payments which is the equivalent in making an additional payment each year. On a monthly payment plan, you make 12 payments each year whereas a bi-weekly payment plan allows you to make 13 payments.

One extra payment a year may not seem a lot, but it actually saves you a lot of money and payoff your mortgage a couple years earlier.

With our additional payment calculator, you will see exactly how much you will save by making extra payments.


Is Extra Payments Right For You?

There are many things that you need to consider before start making extra payments. Here are the pro and cons.

Pro of Extra Payment

  • Save on Interest - You will save a lot of money on interest payment by the end of your mortgage.
  • Save on PMI - If your down payment is less than 20% for your house, lenders may required you to pay private mortgage insurance or PMI. Once your equity on the house is over 20%, the PMI is removed. When you make additional payment towards principle, your equity will increase, and allows you to get rid of PMI payment faster.
  • Payoff Your Mortgage Years Earlier - Depending on how much more you will pay extra, you could end up paying off your mortgage many years earlier than the original mortgage term.

Cons of Extra Payment

  • Do You Have Enough Money? - First of all, you need to make sure you have enough money that you can afford the additional payments.
  • Cut Spending - Making extra payments may mean that you can no longer spend as much as you used to. You may have to cut expenses and eating out less.
  • Job Security - You may need to check the economy condition and make sure your job is safe so that you can continue to make your mortgage payments.
  • Other Better Investment opportunities with your money? - Do you have any other better investment opportunities that you may need to pass because of this extra payment.
  • Are you staying at the house for a long time? - Most of the savings are realized only if you are planning to live in the house over 20 years. If you are selling the house in a few years, the savings of extra payment may not be worth the effort.
  • Does your lender charge a fee or prepayment penalties? - Savings for the borrower means losses to the lender. Lenders make money from interest payments, and they want to maximize it from the borrower. For this reason, many lender charge a fee or penalties for extra payment or switching payment plans. Make sure you talk to your lender first.

Everybody's situation is different, so there may be other things that you need to think about before committing to extra payment. If you do decided to make extra payments for your mortgage, make sure the money goes towards paying down principle instead of interest.

How to use amortization calculator with extra payments

You can use our amortization calculator with extra payments to estimate how much you can save in interest payment with your mortgage. There are four types of extra payments that you can choose from, one time lump sum payment, recurring monthly or biweekly payment, quarterly and yearly payment.

Following are the mortgage calculator definitions
Home Value - The estimate value of your property.

Down Payment - How much you put down on the house. You can enter the down payment is a percentage of the house or a dollar amount.

Mortgage Amount - How much mortgage are you planning to apply. When you enter the home value and down payment, this field is automatically calculated for you.

Loan Terms - How long is your loan terms. The 15-year and 30-year term are the most common ones.

Interest Rate - How much interest will you be paying for the mortgage.

PMI - If your down payment is less than 20%, you may have to pay the private mortgage insurance which is an extra cost. Once your equity on the house reaches 20%, you can contact your lender to remove the PMI payment.

Property Tax - How much tax are you paying for your property. The property tax various depending on where you live. You can enter as a dollar amount or as a percentage of your house.

Home Insurance - How much will you be paying for home insurance. Again, you can enter this field as a percentage or dollar amount.

HOA Fees - Do you have to pay any homeowners association fee or HOA fees? This is the fee that are required in some residential properties.

Payment Frequency - You can choose monthly or bi-weekly. Bi-weekly payments is different than paying two times a month. There are 52 weeks in a year, bi-weekly payment means you make 26 payments each year.

First Payment Date - You can choose any payment date as you wish. It can be a date from the past, today, or some other date in the future.

Amortization Schedule - You have the option to show the amortization schedule in monthly or yearly format.

Extra Payment - Select yes for extra payments, and no for regular payment. If you select extra payment, you need to enter at least one of the four types additional payment. The additional payment option includes one time, biweekly, quarterly, and yearly.

Extra Payment Amortization Schedule

The mortgage calculator will give you a summary of the the mortgage, such as total extra payment, interest paid, tax, insurance, PMI and fees, payoff date.

You will also get an amortization schedule that shows the details of each payment showing how much you are paying in interest, principal, tax & insurance, PMI and other fees, as well as the remaining balance on the mortgage.

At the end of the amortization schedule, you will see a comparison table between your original mortgage against the one with extra payment. The comparison table shows the difference between total interest, tax, insurance, PMI and fees, as well as the total payment and savings.

The results are exportable where you can download it as a pdf file or in excel format. You can also share the result or the mortgage calculation by sharing the url with the preset data that you enter.

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