Department of Labor Federal Credit Union

How Will Extra Payments Affect My Loan?

By nature, loans cause you to pay a sometimes significant amount of money in interest. However, there may be a way for you to decrease the total amount of interest you will pay on your loan and pay off your loan faster with small additional monthly payments toward your debt. Use this calculator to see how extra payments will affect your loan.

Loan Information

Original Loan Balance:
Initial Loan Term (Months):
Interest Rate:
Extra Monthly Payment:
Number of Payments Made:

Original Loan Balance

Enter the original amount of your loan.

Loan Term (Months)

Enter the number of months for the initial term of your loan.

Number of Payments Made

Enter the number of payments you have already made on the loan. If the loan is new enter 1. If you've made one year of payments enter 12.

Interest Rate

Enter the interest rate for the loan.

Extra Monthly Payment

Enter the amount you plan to add to your monthly payment.

Results Information

Department of Labor Federal Credit Union

Serving employees and contractors who work for the Department of Labor, their families and associated organizations. See website for details.

200 Constitution Ave
Rm S-3220
Washington, DC 20210-0001
(202) 789-2901

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