Extra Payment worksheet

1. Interest saved: $144,566.13

1. Turn the yearly rate into a monthly rate. Divide by 12, since interest is charged each month

   $i$$=\frac{\mathrm{7.5\%}}{12}$$=0.00625$

2. Find the regular payment. A standard formula gives the one monthly amount that pays off the loan on time

   $\frac{\mathrm{\$275,000.00}\times 0.00625}{1-{\left(1+0.00625\right)}^{\mathrm{-408}}}$$=\mathrm{\$1,865.58}$

3. Find the interest with no extras: add up all the regular payments and subtract the balance

   $\mathrm{\$1,865.58}\times 408-\mathrm{\$275,000.00}$$=\mathrm{\$486,155.83}$

4. Go through the months again, putting the extra toward the balance each time

   $\text{payoff}$$=306\text{\hspace{0.17em}payments}$$=\text{25 years 6 months}$

5. Find the interest saved: the original interest minus the interest with extra payments

   $\mathrm{\$486,155.83}-\mathrm{\$341,589.70}$$=\mathrm{\$144,566.13}$

2. Interest saved: $71,027.52

1. Turn the yearly rate into a monthly rate. Divide by 12, since interest is charged each month

   $i$$=\frac{\mathrm{4.4\%}}{12}$$=0.00366667$

2. Find the regular payment. A standard formula gives the one monthly amount that pays off the loan on time

   $\frac{\mathrm{\$250,000.00}\times 0.00366667}{1-{\left(1+0.00366667\right)}^{\mathrm{-384}}}$$=\mathrm{\$1,214.55}$

3. Find the interest with no extras: add up all the regular payments and subtract the balance

   $\mathrm{\$1,214.55}\times 384-\mathrm{\$250,000.00}$$=\mathrm{\$216,387.51}$

4. Go through the months again, putting the extra toward the balance each time

   $\text{payoff}$$=272\text{\hspace{0.17em}payments}$$=\text{22 years 8 months}$

5. Find the interest saved: the original interest minus the interest with extra payments

   $\mathrm{\$216,387.51}-\mathrm{\$145,359.99}$$=\mathrm{\$71,027.52}$

3. Interest saved: $46,146.78

1. Turn the yearly rate into a monthly rate. Divide by 12, since interest is charged each month

   $i$$=\frac{\mathrm{5.8\%}}{12}$$=0.00483333$

2. Find the regular payment. A standard formula gives the one monthly amount that pays off the loan on time

   $\frac{\mathrm{\$350,000.00}\times 0.00483333}{1-{\left(1+0.00483333\right)}^{\mathrm{-288}}}$$=\mathrm{\$2,253.79}$

3. Find the interest with no extras: add up all the regular payments and subtract the balance

   $\mathrm{\$2,253.79}\times 288-\mathrm{\$350,000.00}$$=\mathrm{\$299,091.62}$

4. Go through the months again, putting the extra toward the balance each time

   $\text{payoff}$$=250\text{\hspace{0.17em}payments}$$=\text{20 years 10 months}$

5. Find the interest saved: the original interest minus the interest with extra payments

   $\mathrm{\$299,091.62}-\mathrm{\$252,944.83}$$=\mathrm{\$46,146.78}$

4. Interest saved: $291,060.88

1. Turn the yearly rate into a monthly rate. Divide by 12, since interest is charged each month

   $i$$=\frac{\mathrm{6.5\%}}{12}$$=0.00541667$

2. Find the regular payment. A standard formula gives the one monthly amount that pays off the loan on time

   $\frac{\mathrm{\$325,000.00}\times 0.00541667}{1-{\left(1+0.00541667\right)}^{\mathrm{-540}}}$$=\mathrm{\$1,861.08}$

3. Find the interest with no extras: add up all the regular payments and subtract the balance

   $\mathrm{\$1,861.08}\times 540-\mathrm{\$325,000.00}$$=\mathrm{\$679,984.58}$

4. Go through the months again, putting the extra toward the balance each time

   $\text{payoff}$$=342\text{\hspace{0.17em}payments}$$=\text{28 years 6 months}$

5. Find the interest saved: the original interest minus the interest with extra payments

   $\mathrm{\$679,984.58}-\mathrm{\$388,923.70}$$=\mathrm{\$291,060.88}$

5. Interest saved: $199,422.80

1. Turn the yearly rate into a monthly rate. Divide by 12, since interest is charged each month

   $i$$=\frac{\mathrm{7.5\%}}{12}$$=0.00625$

2. Find the regular payment. A standard formula gives the one monthly amount that pays off the loan on time

   $\frac{\mathrm{\$360,000.00}\times 0.00625}{1-{\left(1+0.00625\right)}^{\mathrm{-444}}}$$=\mathrm{\$2,401.00}$

3. Find the interest with no extras: add up all the regular payments and subtract the balance

   $\mathrm{\$2,401.00}\times 444-\mathrm{\$360,000.00}$$=\mathrm{\$706,043.76}$

4. Go through the months again, putting the extra toward the balance each time

   $\text{payoff}$$=339\text{\hspace{0.17em}payments}$$=\text{28 years 3 months}$

5. Find the interest saved: the original interest minus the interest with extra payments

   $\mathrm{\$706,043.76}-\mathrm{\$506,620.96}$$=\mathrm{\$199,422.80}$

6. Interest saved: $136,543.90

1. Turn the yearly rate into a monthly rate. Divide by 12, since interest is charged each month

   $i$$=\frac{\mathrm{7.6\%}}{12}$$=0.00633333$

2. Find the regular payment. A standard formula gives the one monthly amount that pays off the loan on time

   $\frac{\mathrm{\$320,000.00}\times 0.00633333}{1-{\left(1+0.00633333\right)}^{\mathrm{-360}}}$$=\mathrm{\$2,259.44}$

3. Find the interest with no extras: add up all the regular payments and subtract the balance

   $\mathrm{\$2,259.44}\times 360-\mathrm{\$320,000.00}$$=\mathrm{\$493,398.10}$

4. Go through the months again, putting the extra toward the balance each time

   $\text{payoff}$$=276\text{\hspace{0.17em}payments}$$=\text{23 years}$

5. Find the interest saved: the original interest minus the interest with extra payments

   $\mathrm{\$493,398.10}-\mathrm{\$356,854.20}$$=\mathrm{\$136,543.90}$

7. Interest saved: $75,320.81

1. Turn the yearly rate into a monthly rate. Divide by 12, since interest is charged each month

   $i$$=\frac{\mathrm{6\%}}{12}$$=0.005$

2. Find the regular payment. A standard formula gives the one monthly amount that pays off the loan on time

   $\frac{\mathrm{\$200,000.00}\times 0.005}{1-{\left(1+0.005\right)}^{\mathrm{-336}}}$$=\mathrm{\$1,230.25}$

3. Find the interest with no extras: add up all the regular payments and subtract the balance

   $\mathrm{\$1,230.25}\times 336-\mathrm{\$200,000.00}$$=\mathrm{\$213,363.34}$

4. Go through the months again, putting the extra toward the balance each time

   $\text{payoff}$$=232\text{\hspace{0.17em}payments}$$=\text{19 years 4 months}$

5. Find the interest saved: the original interest minus the interest with extra payments

   $\mathrm{\$213,363.34}-\mathrm{\$138,042.53}$$=\mathrm{\$75,320.81}$

8. Interest saved: $105,566.91

1. Turn the yearly rate into a monthly rate. Divide by 12, since interest is charged each month

   $i$$=\frac{\mathrm{6\%}}{12}$$=0.005$

2. Find the regular payment. A standard formula gives the one monthly amount that pays off the loan on time

   $\frac{\mathrm{\$275,000.00}\times 0.005}{1-{\left(1+0.005\right)}^{\mathrm{-408}}}$$=\mathrm{\$1,581.72}$

3. Find the interest with no extras: add up all the regular payments and subtract the balance

   $\mathrm{\$1,581.72}\times 408-\mathrm{\$275,000.00}$$=\mathrm{\$370,340.40}$

4. Go through the months again, putting the extra toward the balance each time

   $\text{payoff}$$=309\text{\hspace{0.17em}payments}$$=\text{25 years 9 months}$

5. Find the interest saved: the original interest minus the interest with extra payments

   $\mathrm{\$370,340.40}-\mathrm{\$264,773.49}$$=\mathrm{\$105,566.91}$

9. Interest saved: $53,127.28

1. Turn the yearly rate into a monthly rate. Divide by 12, since interest is charged each month

   $i$$=\frac{\mathrm{6.6\%}}{12}$$=0.0055$

2. Find the regular payment. A standard formula gives the one monthly amount that pays off the loan on time

   $\frac{\mathrm{\$375,000.00}\times 0.0055}{1-{\left(1+0.0055\right)}^{\mathrm{-264}}}$$=\mathrm{\$2,696.20}$

3. Find the interest with no extras: add up all the regular payments and subtract the balance

   $\mathrm{\$2,696.20}\times 264-\mathrm{\$375,000.00}$$=\mathrm{\$336,797.11}$

4. Go through the months again, putting the extra toward the balance each time

   $\text{payoff}$$=228\text{\hspace{0.17em}payments}$$=\text{19 years}$

5. Find the interest saved: the original interest minus the interest with extra payments

   $\mathrm{\$336,797.11}-\mathrm{\$283,669.83}$$=\mathrm{\$53,127.28}$

10. Interest saved: $102,072.15

1. Turn the yearly rate into a monthly rate. Divide by 12, since interest is charged each month

   $i$$=\frac{\mathrm{6\%}}{12}$$=0.005$

2. Find the regular payment. A standard formula gives the one monthly amount that pays off the loan on time

   $\frac{\mathrm{\$270,000.00}\times 0.005}{1-{\left(1+0.005\right)}^{\mathrm{-384}}}$$=\mathrm{\$1,583.22}$

3. Find the interest with no extras: add up all the regular payments and subtract the balance

   $\mathrm{\$1,583.22}\times 384-\mathrm{\$270,000.00}$$=\mathrm{\$337,958.36}$

4. Go through the months again, putting the extra toward the balance each time

   $\text{payoff}$$=284\text{\hspace{0.17em}payments}$$=\text{23 years 8 months}$

5. Find the interest saved: the original interest minus the interest with extra payments

   $\mathrm{\$337,958.36}-\mathrm{\$235,886.21}$$=\mathrm{\$102,072.15}$