Repayment Calculator
Calculate loan repayment schedules with extra payment options.
Results
Standard Monthly Payment
New Payoff Time
Total Interest (Standard)
Total Interest (With Extra)
Interest Saved
Amortization Schedule
| Month | Payment | Interest | Principal | Extra Principal | Balance |
|---|
What Is a Repayment Calculator?
A repayment calculator shows your standard loan payment and how adding extra monthly or annual payments reduces your payoff time and total interest.
How to Use This Calculator
- Enter your loan amount, interest rate, and original term.
- Add any extra monthly or annual payment amounts.
- Click Calculate to see your new payoff time, interest saved, and a full schedule.
Frequently Asked Questions
Do extra payments go to principal?
Yes. Extra payments reduce your principal balance, which lowers future interest and shortens the loan term.
Should I pay extra monthly or annually?
Monthly extra payments usually save more interest because the principal is reduced earlier. Annual lump sums still help significantly.
Does this work for any loan type?
Yes. This calculator works for mortgages, auto loans, personal loans, or any amortizing fixed-rate debt.
Will my lender allow extra payments?
Most lenders allow extra payments, but some may charge prepayment penalties. Check your loan agreement.