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What is the Total Cost of a Loan?

As a mortgage holder, it is advisable to seek the lowest interest rates possible. I wanted to see how changing my payment would affect the life of the loan.

Loan Details

Payment Options

Monthly Payment Details


The chart, Life of the Loan compares 2 Scenarios: Paying the minimum amount, vs. Paying additional principal. The chart depicts the following in both scenarios.

  • Loan Balance
  • Total Principal Paid
  • Total Interest Paid

The chart, Payment Breakdown over Time breaks down the following aspects of a mortgage, over time.

  • Base Loan Payment vs Full-House Payment
  • Minimum Principal vs Extra Principal
  • Total Interest


Programmatic Schedule of Payments

Disclaimer: Don't bank on this.

Period Balance Payment Principal Total Principal Interest Total Interest