Standard Monthly Payment:
Payoff Time with Extra:
Total Interest Paid (Standard):
Total Interest Paid (With Extra):
Interest Saved:
The standard monthly payment is computed using the formula for a fixed-rate mortgage: M = P * [r(1+r)^n] / [(1+r)^n - 1], where P = loan amount, r = monthly interest rate (annual rate / 12), n = total number of payments (term in years * 12). With extra payments, the loan amortizes faster, reducing total interest and payoff time.