Enter Mortgage Details
Summary
Original Monthly Payment: -
Original Term: -
Accelerated Term: -
Total Interest Saved: -
Charts
Payment Plan
Overview & Methodology
This calculator computes the original monthly payment using the formula:
P = (r × L) / [1 - (1 + r)-n]
where L is the loan amount, r is the monthly interest rate, and n is the total number of payments.
With extra payments, the effective monthly payment increases to (P + E) and the tool simulates the payoff month by month. It then calculates the new payoff period and total interest savings.
Example
For a €200,000 loan at 3.5% over 30 years with an extra payment of €200/month, the calculator might show that the mortgage is paid off in about 23 years with significant interest savings.
Frequently Asked Questions
How is the monthly payment calculated?
The monthly payment is computed as P = (r × L) / [1 - (1+r)-n], where r is the monthly interest rate.
How do extra payments help?
Extra payments reduce the remaining principal faster, thereby reducing the total number of payments and overall interest.
What are the charts showing?
One chart displays how each monthly payment is split between interest and principal. The other shows the remaining debt over time. The payment plan table below aggregates the monthly data by year.
Can I change the currency?
Yes. Use the currency selector at the top; all monetary outputs will reflect your chosen currency.