Loan Extra Payment and Payoff Calculator
Shows what paying a bit more each month does to a loan.
Interest saved
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Share sends a link that reopens these numbers. Copy details pastes the full breakdown as a list.
New payoff time —
Time saved —
Normal monthly payment —
Interest without extra —
Interest with extra —
Reading this —
The formula
each month: balance = balance × (1 + i) − (payment + extra)
Extra money goes straight to the principal, so every later month charges interest on less.
What to watch out for
Extra payments do the most early on, while the balance is largest.
Frequently Asked Questions
How much does paying 100 extra a month save?
On 20,000 at 8% over 5 years, 1,036.37 in interest.