Work out amortisation with extra payments instantly with clear inputs, formula shown and shareable results.
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.
Accelerated schedule
Balance ← Balance(1+r) - (EMI + extra) each month until cleared
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.
Slightly, because the reduction starts earlier each year, but the difference is small compared with the size of the extra.
Usually, but it must be instructed. Some default to holding the money against future instalments instead.