Enhanced Loan Calculator

See how making extra payments can help you pay off your loan faster and save on interest.

  • Methods explained
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  • Compare saved scenarios

Loan Details

$
%
30 years
$

Comparison

Standard Loan

Monthly Payment$1,580
Total Interest$318,861
Payoff Time360

With Extra Payments

Monthly Payment$1,780
Total Interest$221,243
Payoff Time265
Months Saved95
Interest Saved$97,618
How it works›

Model and assumptions. Calculates interest on the remaining principal and applies the modeled payment to interest and then principal. Level payments use P × r / (1 − (1+r)^−n), with P/n at zero interest. Payment timing, fees and changing rates are included only where entered; a balloon or unpaid balance remains a liability.OpenStax: annuity formulas