Adding a bit to your monthly loan payment can get you out of debt faster and cut your interest payments. This calculator will tell you how much you can save and how much time you can cut off your loan term by adding that extra payment! Remember that there can be advantages and disadvantages to paying a loan off early.
How to use the calculator:
Fill in the required fields and click on the “Calculate” button to see the results. Here’s what each of the fields means:
- Current loan balance: the current amount left to pay on a loan.
- Annual interest rate: the amount you pay every year to borrow money, including fees, expressed as a percentage.
- Years of term remaining: the remaining length of your loan, expressed in years.
- Extra monthly payment: an additional payment that goes towards the principal part of a loan.
- Interest saved with extra payments: the amount saved in interest by making an extra payment each month.
- Monthly payment: the amount paid to your lender each month in order to repay a loan.
- Months to payoff: how many months are left until the loan is fully paid.
- Total payments: the total amount of money paid towards the loan.
- Total interest: the total amount of money paid in interest.