Extra loan payments
Loans & budgets
Extra loan payments
See the time and interest saved by paying extra
Example values are filled in. Replace them with your own.
Example calculation
New term: 35 months.
New term
35 months
Interest saved
USD 272.10
Compare the time and interest saved by paying extra each month.
Use the same currency for all amounts. Taxes and fees are excluded unless an explicit field is provided.
See formula and assumptions
Add the extra payment each month; the final payment is capped at the remaining balance.
- Amount still owed
- Use the chosen currency. Thousands separators are accepted.
- Yearly interest rate
- Enter the annual rate quoted by the lender or account. For 5% per year, enter 5.
- Repayment period
- One year is 12 months. Enter the time until the loan is fully repaid.
- Extra monthly payment
- Use the chosen currency. Thousands separators are accepted.