Managing loans can feel overwhelming, especially when you’re trying to figure out how much you’ll really end up paying over time. Our Loan Payment Calculator with Extra Payments makes it simple. Just enter your loan amount, interest rate, and loan term, and the calculator instantly shows you your monthly payment, total interest, and overall cost. You can also add an extra monthly payment to see how much faster you’ll become debt-free and how much interest you’ll save.
How to Use This Calculator
Start by entering the loan amount you plan to borrow, followed by the interest rate (APR) and the loan term in years. The calculator will give you your regular monthly payment and total payoff schedule. If you’d like to see the power of paying extra, add an amount in the extra monthly payment box. The results will update to show your new payoff time, the total interest saved, and how many months or years you’ll shave off your loan. This way, you can make smarter decisions and see the benefits of paying down your debt faster.