Enter any dollar value in excess of the minimum payment necessary to repay the loan over the payment period. Home buyers sometimes pay back an additional amount every month. Buyers can cut about nine (9) years off a thirty (30) year mortgage by paying the equivalent of one extra monthly payment per year. If you enter a payment greater than zero, the Loan Payoff In xx.x Years field will show a final value less than the nominal loan period you entered in the Number of Years field. If the buyer plans no extra payment, leave the entry as 0.00.
If you want to compute a loan repayment schedule for a given total monthly payment, see Amortization by Total Monthly Payment.