About this tool
Enter the remaining loan balance, annual interest rate and regular monthly principal-and-interest payment. Add extra principal each month or in a chosen payment period. Compare the payoff time and interest against the same loan without extra payments.
Fixed interest rate, equal monthly periods, no fees or penalties. Enter the interest rate, not APR with fees. Calculations keep full precision; displayed amounts are rounded. Actual lender schedules may differ. Extra payments reduce principal. A one-time payment is applied after the selected regular payment, or immediately for payment 0. This is a monthly model, not a biweekly payment schedule.
Use whole months, up to 100 years. Amounts are limited to 1 trillion and results to 1 quadrillion. All amounts must use the same currency.
Your numbers stay in this browser. Nothing is uploaded or saved after you leave.