Free Extra Payment Calculator for Loans
Adding a little to each loan payment can cut months off the loan and save interest. Enter your balance, interest rate and current payment, then an extra amount, to compare.
It runs in your browser. Nothing you type is saved or sent anywhere. The numbers filled in below are a made-up example; change them to yours.
How the math works
- Each month, interest = balance × APR ÷ 12, then your payment comes off the balance.
- The extra amount goes straight to the balance, so next month's interest is a bit smaller, and that keeps adding up.
- Real loans can differ a little because of daily interest, fees and how your lender applies extra payments.
Example (made up): a $12,000 loan at 7.5% APR with a $300 payment takes 47 months and about $1,851.98 in interest. Paying $400 instead takes 34 months and about $1,330.68, saving about $521.30 and finishing 13 months sooner.
Ask your lender to apply extra money to principal, and check for prepayment fees first. This is an estimate for planning, not financial advice.
Have more than one debt?
The Debt Snowball & Avalanche Planner ($5) is a spreadsheet for up to 10 debts that shows where each extra dollar should go every month, with the payoff order and a debt-free date for both methods. Works in Excel and Google Sheets.
Get the planner on Gumroad – $5
This template is also in the Complete Household Money Bundle (what's inside): all 13 home money spreadsheets for $29 (about $69 if bought one by one).
We make this template, so take that into account. The calculator above is free to use either way.
Related free guides
- How to Pay Off a Personal Loan Early (Example Numbers)
- How to Pay Off Student Loans Faster (Example Numbers)
- What to Do After You Pay Off a Debt (Checklist)
- Debt Snowball vs Debt Avalanche: How to Pick One
More free tools: all calculators.
See all Cedar & Ledger templates