Amortization & Extra Payments Calculator
See exactly where every payment goes — and what even a small extra monthly payment does to your payoff date and total interest.
$380,000
6.500%
$200
Extra payments go straight to principal in this model. Your servicer may apply them differently — confirm how extras are credited before you pay.
Interest saved with extra payments
$110,461
- Total interest (no extra)
- $484,669
- Total interest (with extra)
- $374,208
- Paid off early by
- 70 months
- New payoff date (est.)
- December 2050
Year-by-year summary (with $200/month extra)
| Year | Paid | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $31,222 | $6,720 | $24,502 | $373,280 |
| 2 | $31,222 | $7,170 | $24,052 | $366,110 |
| 3 | $31,222 | $7,650 | $23,572 | $358,459 |
| 4 | $31,222 | $8,163 | $23,060 | $350,296 |
| 5 | $31,222 | $8,709 | $22,513 | $341,587 |
| 6 | $31,222 | $9,293 | $21,930 | $332,294 |
| 7 | $31,222 | $9,915 | $21,307 | $322,379 |
| 8 | $31,222 | $10,579 | $20,643 | $311,800 |
| 9 | $31,222 | $11,288 | $19,935 | $300,512 |
| 10 | $31,222 | $12,044 | $19,179 | $288,469 |
| 11 | $31,222 | $12,850 | $18,372 | $275,618 |
| 12 | $31,222 | $13,711 | $17,512 | $261,908 |
| 13 | $31,222 | $14,629 | $16,593 | $247,279 |
| 14 | $31,222 | $15,609 | $15,614 | $231,670 |
| 15 | $31,222 | $16,654 | $14,568 | $215,016 |
| 16 | $31,222 | $17,769 | $13,453 | $197,246 |
| 17 | $31,222 | $18,960 | $12,263 | $178,287 |
| 18 | $31,222 | $20,229 | $10,993 | $158,058 |
| 19 | $31,222 | $21,584 | $9,638 | $136,473 |
| 20 | $31,222 | $23,030 | $8,193 | $113,444 |
| 21 | $31,222 | $24,572 | $6,650 | $88,872 |
| 22 | $31,222 | $26,218 | $5,005 | $62,654 |
| 23 | $31,222 | $27,973 | $3,249 | $34,681 |
| 24 | $31,222 | $29,847 | $1,375 | $4,834 |
| 25 | $4,873 | $4,834 | $38 | $0 |
Important: All calculations on this site are estimates for educational purposes only and do not constitute a loan offer, approval, or commitment to lend. Your actual rate, payment, and terms depend on credit approval and will be provided by your loan officer.
How this works
- Each month, interest is charged on the remaining balance first — the rest of your payment reduces principal. Early on, most of your payment is interest.
- Extra payments skip the interest queue and go directly to principal, which shrinks every future interest charge.
- The summary table aggregates the monthly schedule by year so you can see the shift from interest-heavy to principal-heavy payments.
Thinking about a shorter term or an aggressive payoff plan? Let's model it together.