Mortgage - Extra Repayments Calculator

Borrowers should know that they can save money if they make extra repayments on their loans. It is one way to ease the burden of mortgage payments in the long run. It’s not only money that you’ll be saving but time as well. The loan period would get shorter than the original.

To make your life easier, here’s a mortgage extra repayments calculator. With this you can find out how much money and time you can save by making extra loan repayments. What nice about this calculator is that it is very simple to use.

All you need to do is to enter the amount you borrowed. Then indicate the interest rate, loan term and the extra payment amount as well. Then input the year within the loan period in which you’ll start paying extra repayments. You will the frequency in which you’ll be making the extra repayments. Finally, you need to choose the repayment type. This can be either interest only, or principal and interest. When all the needed information is in place, all you need to do is to click on the calculate button.

The results will be shown in a graph. The graph will indicate the loan balance and the loan period. It can show the loan balance or the interest to date. There is also a breakdown tab that will give the figures such as payment going to the principal, payment going to the interest, cumulative principal from the start of the loan, the cumulative interest from the start of the loan, and the loan balance.

The summary will indicate your monthly repayments, the increased monthly repayments, and total interest payables. But the important details are the interest and time saved due to the extra repayments. Hopefully this will help you determine the extra repayments that you might want to make on your loans.


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