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Accelerated Payment Calculator

The Accelerated Payment Calculator will calculate the effect of making extra principal payments. A very small extra principal payment made along with a regular payment can save the borrower a large amount of interest over the life of a loan, particularly, if those payments are started when the loan is relatively new.

For example, assume that you have taken out a loan for $130,000, for 360 monthly periods with an annual interest rate of 7 3/4%. If, with the 49th payment, you start to pay an extra $225, you will save $75,901.42 in interest payments and the loan will be paid off in 234 payments instead of the original 360 payments.

It is very easy to quickly calculate many different scenarios. Note that the higher the interest rate, the greater the savings for any extra payment amount. Also, for a normal amortizing loan, the interest savings will be greater the sooner the extra payments start. That is, you will save a lot more in interest if you pay an extra $50 a month for the last 20 years than if you pay an extra $100 a month for the last 10 years.

Note: Besides using the Accelerated Payment Calculator which uses a technique of making regular advanced payments to save interest, you can also evaluate Fixed Principal loans, Payment-in-Advance loans, Prepaid Principal loans or Half Monthly Payment loans for possible techniques used for reducing the interest paid. Additionally, the Flexible Amortization Schedule will allow you to make random extra payments which are applied to principal.

This is one of our most popular calculators. People seem to enjoy seeing how much money they can easily save by making small, regular extra payments.

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