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.
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.
Enter the interest rate for the loan.
Extra Monthly Payment
Enter the amount you plan to add to your monthly payment.
Monthly loan payment for original payment and payment with extra amount.
Months Until Pay Off
Number of payments remaining on the orginal loan and the loan with extra payments.
Total interest for your orginal loan and the loan with extra payments.
National Foundation for Credit Counseling promotes financially responsible behavior and delivers the highest quality financial education and counseling services.
The Association of Independent Consumer Credit Counseling Agencies (AICCCA) is a national membership organization, established to promote quality and consistent delivery of credit counseling services, and has links to additional information.
"Knee Deep In Debt", Federal Trade Commission
"For people on Debt Management Plans, a Must-Do List", Federal Trade Commission