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Amortisation With Extra Payments Calculator

Work out amortisation with extra payments instantly with clear inputs, formula shown and shareable results.

About Amortisation With Extra Payments Calculator

Adding a fixed amount to every instalment attacks principal directly each month, compounding the saving. On a long mortgage a modest monthly extra typically removes several years from the schedule.

Formula

Accelerated schedule

Balance ← Balance(1+r) - (EMI + extra) each month until cleared

Worked example

With the default values below, Amortisation With Extra Payments Calculator returns Interest Saved of $2,137,695.71. Change any input above and every figure here is recalculated in your browser.

Inputs used

Loan Amountminimum 0
3,500,000
Annual Interest Rateaccepts 0–100 %
8.9 %
Original Tenure In Yearsaccepts 1–40
25
Extra Payment Each Monthminimum 0
5,000

Results

Interest Saved
$2,137,695.71
Months Removed From The Tenure
106
New Number Of Months
194
Total Interest Paid
$3,102,075.38

Step by step

  1. 1Values used
  2. 2Accelerated schedule
  3. 3Interest Saved= 2,137,695.71
  4. 4Months Removed From The Tenure= 106
  5. 5New Number Of Months= 194
  6. 6Total Interest Paid= 3,102,075.38

Assumptions and limits

  • The result is derived only from the 4 inputs listed above. Anything not among them is not part of the calculation.
  • In particular, this calculator does not take inflation, tax or fees or charges into account.
  • Figures are rounded for display to 2 decimal places, so totals built from several rounded parts can differ slightly from the unrounded arithmetic.
  • Figures are estimates. Lenders apply their own rounding, fees and eligibility rules, and rates change. This is not financial advice — confirm the numbers with your lender.
  • This is an estimate for general information and not professional financial, tax or legal advice. See the full disclaimer for the limits that apply to this kind of calculator.

How these calculators are built and tested is described on the Methodology page. If a figure looks wrong, please report it.

Figures are estimates. Lenders apply their own rounding, fees and eligibility rules, and rates change. This is not financial advice — confirm the numbers with your lender.

Frequently Asked Questions

Is a monthly extra better than one annual lump sum?

Slightly, because the reduction starts earlier each year, but the difference is small compared with the size of the extra.

Will the lender apply extras to principal?

Usually, but it must be instructed. Some default to holding the money against future instalments instead.

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