How it works
Calculate loan repayment schedules and see how much time and interest you can save by making extra monthly payments.
Input query strings and outputs
Use an input name in this page’s URL as ?name=value, and join additional inputs with &. Portable shared links may instead use the compact ?ac= state parameter.
Input query strings
4-
?amount=Loan AmountNumber · Optional · Default: 20,000
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?rate=Interest RateNumber · Optional · Default: 6
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?term=Original Term (Years)Number · Optional · Default: 5
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?extraPayment=Extra Monthly PaymentNumber · Optional · Default: 0
Outputs
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resultResultText · Primary output
result contains the calculator’s complete rendered result area, including its visible result cards, tables, charts, and messages.
Optimize your loan payoff with extra payments
Description
The Repayment Calculator allows you to model any standard amortizing loan (like a personal loan or car loan) and see the power of extra payments. It calculates your standard monthly payment and then shows exactly how much time and interest you can save by contributing more each month.
Inputs
- Loan Amount: The total remaining balance of your loan ($).
- Interest Rate: The annual interest rate (APR) of the loan (%).
- Original Term (Years): The remaining number of years in the loan’s schedule.
- Extra Monthly Payment: The additional amount you plan to add to every monthly check ($).
Outputs
- Standard Monthly Payment: The amount you are required to pay under the original terms.
- New Payoff Time: The estimated time until the loan is paid off with the extra payments.
- Total Interest: The total interest you will pay under the new plan.
- Time Saved: How much sooner you will be debt-free.
- Interest Saved: The total dollar amount of interest you avoided by paying extra.
Chart
- N/A: This tool provides a summary of savings and a revised timeline.
“Good to Know”
- Extra payments made early in the loan’s life have a much larger impact than those made toward the end, as they reduce the principal that interest is calculated on.
- Always check with your lender to ensure there are no “prepayment penalties” before starting an aggressive payoff plan.
- Even a small regular extra payment (e.g., rounding up your payment) can save significant interest over the life of a long-term loan.
Examples
Example 1: Standard Personal Loan
- Input:
- Amount: $20,000 @ 6%
- Term: 5 Years
- Extra: $100
- Output:
- Time Saved: ~1.2 Years
- Interest Saved: ~$750
Example 2: Aggressive Auto Loan Payoff
- Input:
- Amount: $30,000 @ 5%
- Term: 6 Years
- Extra: $500
- Output:
- New Payoff: ~3.8 Years
- Time Saved: 2.2 Years
Example 3: Small Extra Boost
- Input:
- Amount: $10,000 @ 10%
- Term: 3 Years
- Extra: $25
- Output:
- Interest Saved: ~$100
- (Shows that even $25/month helps).