Explore how different extra payment strategies affect your payoff date and total interest.
Add your loan details to calculate.
How Calculations Work
Monthly Payment
Formula used:
M = P × [r(1 + r)^n] / [(1 + r)^n − 1](P = loan amount, r = monthly rate, n = total payments)
Payment Breakdown
• Interest = Balance × r
• Principal = Payment − Interest
• New Balance = Previous Balance − Principal
Extra Payments
Applied to principal, resulting in:
• Faster payoff
• Lower interest costs
• Shorter loan term
Payment Schedules
Converted to monthly:
• Monthly = 1
• Bi-weekly ≈ 2.17
• Annual = 1/year
Reference Standards
Amortization math, CFPB guidelines, Federal Reserve rules.
Note: Calculations are estimates only.