Loan Payoff, Extra Repayment & Amortization Schedule Calculator
Calculate time and interest saved by making extra monthly contributions or lump-sum repayments.
Last reviewed by the myCalculator Editorial Team
Input Parameters
Calculation Results
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Formula & How Loan Payoff, Extra Repayment & Amortization Schedule Calculator Works
A standard loan repayment is M = P × r ÷ (1 − (1 + r)^−n), where P is the balance, r is the monthly interest rate and n is the number of months. On $450,000 at 6.25% over 25 years the repayment is about $2,969 a month, and the total interest paid is about $440,500. Adding $250 a month toward principal shortens the loan to about 20.9 years and cuts total interest to about $357,100, a saving of roughly $83,000. Because interest is charged on the remaining balance, extra repayments made early have the largest effect. Check whether your lender allows extra repayments without a fee and whether a redraw facility is available.
- Enter Current Loan Balance ($) ($): Input your target parameter value.
- Enter Annual Interest Rate (% p.a.) (%): Input your target parameter value.
- Enter Remaining Loan Term (Years) (years): Input your target parameter value.
- Enter Extra Monthly Repayment ($/month) ($/mo): Input your target parameter value.
- Enter One-Off Lump Sum Payment ($) ($): Input your target parameter value.
- Apply Formula: Calculate using
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ - 1] | Interest_m = Balance × r | Principal_m = (M + Extra) - Interest_m. - Review Results: View exact computed answers, metrics, and worked mathematical proofs.
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Frequently Asked Questions (FAQs)
How much does paying an extra $100 per month save on a mortgage?
On a $500,000 30-year home loan at 6.0%, paying an extra $100 per month saves over $45,000 in total interest and cuts almost 3 years off the mortgage term.
Is it better to pay extra monthly or make a one-off lump sum?
The earlier money is paid toward the principal, the more total interest is saved over time. A lump sum made in year 1 provides greater long-term compound savings than the same lump sum made in year 10.
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Authoritative Standards & Verified Reference Citations
Calculations and mathematical logic on this page are grounded in published statutory rules, regulatory standards, and official government data published by the following bodies:
Consumer guidance on mortgage borrowing capacity, compound interest formulas, and loan fees.
Official cash rate target announcements, monetary policy statements, and national economic statistical data.
Official U.S. Federal Funds Rate and comprehensive macroeconomic time-series data.
Key Eurozone interest rates, deposit facility rates, and monetary policy operations.
Residential mortgage serviceability buffer framework (3.0% stress test hurdle rate).
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