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See how extra payments reduce your total interest and payoff time.
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Extra Payments

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Enter two loan options to compare total cost, monthly payment, and interest side by side.

Loan A

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Loan B

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How to Use This Loan Calculator

  1. Enter your loan details — input the loan amount, annual interest rate, and term in years or months.
  2. Click Calculate — your monthly payment appears instantly, along with total interest and payoff date.
  3. Review the amortization schedule — see exactly how each payment splits between principal and interest month by month.
  4. Try extra payments — switch to the Extra Payments tab and enter an additional monthly or one-time payment to see how much time and money you save.
  5. Compare two loans — use the Compare Loans tab to evaluate different rate or term options side by side before signing.

Tips for Paying Off Loans Faster

  • Add even a small extra monthly payment. An extra $50–$100/month on a 5-year loan can shave months off your payoff and save hundreds in interest.
  • Make one extra payment per year. Apply a tax refund, bonus, or side income directly to your principal — this alone can cut a 30-year mortgage by several years.
  • Choose the shortest term you can comfortably afford. A 3-year auto loan costs far less in total interest than a 6-year loan, even at the same rate.
  • Refinance when rates drop. If your credit improves or market rates fall, refinancing at a lower rate reduces both your monthly payment and lifetime interest.

Calculate percentages and discounts → Percentage Calculator

See how inflation affects your money → Inflation Calculator

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