Loan Payoff & Extra Payment Calculator
See how much time and interest you save by making extra payments on your loan.
Current remaining balance on your loan
Additional amount you can pay each month
How to Use This Calculator
1. Enter your loan balance — the current amount you owe 2. Enter the interest rate — your APR from your loan statement 3. Enter your regular payment — what you currently pay each month 4. Enter an extra payment — the additional amount you want to add each month 5. Click Calculate to see how much time and interest you save
Tips:
Formula
Months = -log(1 - r×B/P) / log(1+r) | Interest Saved = (P₁×N₁) - (P₂×N₂)Frequently Asked Questions
Does making extra payments actually save money?
Yes — extra payments reduce your principal faster, which means less interest accrues each month. On a $25,000 loan at 6.5%, an extra $100/month can save over $2,000 in interest.
Should I tell my lender about extra payments?
Yes — specify that extra payments should be applied to the principal, not future payments. Some lenders apply it to interest first unless instructed otherwise.
Does this work for mortgages too?
Absolutely. The same math applies to any amortizing loan — personal loans, auto loans, mortgages, or student loans.
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