Mortgage and Loan Calculator With Extra Payments

Calculate Money Savings with Prepayments

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Reduce the amount of interest paid and pay your loan off early with extra payments. Don't settle for making payments for the full term your loan. This calculator determines the amount of money and time saved from prepayments on a mortgage or loan. It assumes the extra payments are applied to principal. Extra payments are directly entered in the amortization table. In addition, it includes charts and graphs to help visually depict the savings. This calculator also has the ability to save any entered data via local storage. The data is stored directly on your device.

Note: This calculator can only be used on fixed interest or installment loans. Fixed interest loans have a set payment which does not fluctuate. It cannot be used for variable or revolving debt, credit card debt or adjustable rate loans such as ARMs.

  1. Specify extra payments should be applied to principal. Some banks and lenders may apply prepayments to the next payment or to an escrow account. The escrow account includes funds for taxes and insurance.
  2. Making extra payments early in the loan term has the greatest impact. This is due to the fact, payments at the beginning of the loan goes mostly towards interest.
  3. If your are planning to make extra payments for the life of the loan, you might consider refinancing your loan with a shorter term. Shorter term loans typically have a lower interest rate. However you lose the option of reducing your payments if the need arises by suspending your prepayments.
  4. When making extra payments make sure there is not a penalty for prepayment. This information should be included in your loan documentation. Also, your loan servicer, lawyer or attorney should be able to help or provide you with this information.
  5. Pay your loan on time. Late fees and penalties add up and reduce the amount of principal reduction.
This calculator can be used for homes, real estate, land, cars, student loans, trucks, motorcycles, boats, RVs and commercial business investments.

Calculation Instructions:

  1. Enter loan details by pressing the EDIT LOAN button. Enter the loan amount, interest rate, term and first payment date
  2. Enter extra payment information. In the amortization table enter prepayment information. Repeating extra payments are applied to all payments after the entry. Single extra payments are only applied to the selected month.
  3. Pressing the UPDATE button. Loan modifications will be incorporated into the calculations.

Saving Data Instructions:

For privacy, this calculator uses local storage. This means your saved data is stored on your local machine. Your data is never sent over the Internet. Stored data only resides on your PC, tablet or smart phone.

Use this feature at your own risk: Local storage is usually deleted when cookies are deleted from the browser. However, on some browsers, local storage data can be removed when cache is deleted.
  1. Open - Loads and populates any data which was previously saved. A loan must be saved before it can be opened.
  2. Save - Stores or write the data into local storage. This calculator allows you to store up to three loans.
  3. Delete - Removes all data from local storage. Note, you must close and reopen the browser to clear current display data.


Use this calculator at your own risk. This calculator may or may not be accurate or reliable. By using this calculator you acknowledge any reliance on this calculator shall be at your sole risk. This includes but not limited to the loss of stored information.

Note from the author:

Testing has been done on the calculator in an attempt to ensure the calculator is accurate. However, all test cases my not have been covered. For example, different browser use different javascript engines. I do not have the resources to test all browsers and their various versions. If you discover any inaccuracies or bugs please contact me via email below. Also contact me if you have any feature requests or suggestions.

I hope you find this calculator helpful and useful. Enjoy.

A special thanks to Mark James for providing the icons for this application.

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