Loan Extra Payment Payoff Calculator
Calculate loan extra payment payoff from your own entered figures.
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Currency: Amounts are calculated in the currency you select; this site does not convert between currencies and does not use live exchange rates.
What this tool does
Calculate loan extra payment payoff from your own entered figures. Fixed APR, monthly interest, no fees or prepayment penalties; actual lender daily-interest methods may differ.
How to use the Loan Extra Payment Payoff Calculator
- Enter or select loan balance.
- Enter or select annual interest rate (%).
- Enter or select scheduled monthly payment.
- Enter or select additional monthly payment.
- Read the calculated result; change any measurement to compare alternatives.
Formula
monthly interest=remaining balance×APR/1200; principal paid=min(payment,balance+interest)−interest; repeat to payoff
- balance
- Loan balance
- apr
- Annual interest rate (%)
- payment
- Scheduled monthly payment
- extra
- Additional monthly payment
Fixed APR, monthly interest, no fees or prepayment penalties; actual lender daily-interest methods may differ.
Worked example
For loan extra payment payoff calculator, the following measurements illustrate the exact method: Loan balance: 10000; Annual interest rate (%): 8; Scheduled monthly payment: 250; Additional monthly payment: 100.
Inputs
- Loan balance10000
- Annual interest rate (%)8
- Scheduled monthly payment250
- Additional monthly payment100
Result
- Months with extra payments32
- Interest with extra payments$1,130.85
- Months saved15
- Interest saved$538.87
Results explained
- Months with extra payments
- Months with extra payments from the formula above. Fixed APR, monthly interest, no fees or prepayment penalties; actual lender daily-interest methods may differ.
- Interest with extra payments
- Interest with extra payments from the formula above. Fixed APR, monthly interest, no fees or prepayment penalties; actual lender daily-interest methods may differ.
- Months saved
- Months saved from the formula above. Fixed APR, monthly interest, no fees or prepayment penalties; actual lender daily-interest methods may differ.
- Interest saved
- Interest saved from the formula above. Fixed APR, monthly interest, no fees or prepayment penalties; actual lender daily-interest methods may differ.
Frequently asked questions
monthly interest=remaining balance×APR/1200; principal paid=min(payment,balance+interest)−interest; repeat to payoff
Fixed APR, monthly interest, no fees or prepayment penalties; actual lender daily-interest methods may differ.
No. All numbers are entered by you or come from the dated reference table shown on this page; calculations run locally.
This is an estimate, not financial, tax or legal advice. Verify the inputs and output with official sources and a qualified professional.
Check period consistency, currency, percentage inputs and the assumptions: Fixed APR, monthly interest, no fees or prepayment penalties; actual lender daily-interest methods may differ.