Work out the monthly payment and total interest on a mortgage, car loan or personal loan, and see what extra payments save.
| Monthly payment | |
|---|---|
| Total interest | |
| Total paid | |
| With extra payments |
Each month interest is charged on the remaining balance at one twelfth of the annual rate; the rest of the payment reduces the balance. Figures cover principal and interest only and are in whatever currency you use.
It uses the standard amortizing loan formula: payment = P x r / (1 - (1 + r)^-n), where P is the amount borrowed, r is the monthly rate (annual rate divided by 12) and n is the number of monthly payments.
No. The result is principal and interest only. Property tax, insurance, mortgage insurance, origination fees and other costs are not included, so your lender's quote will be higher.
An extra amount added to every payment goes straight to principal. That cuts the balance faster, so you pay fewer months of interest. The tool shows the new payoff time and the interest saved.
Rounding and day-count rules differ between lenders, so the payment can differ by a few cents. Always rely on your loan agreement.
No. Everything is calculated in your browser and nothing is stored.
Free tool, provided as is, with no guarantee. This is an estimate, not financial advice or a loan offer; check figures with your lender. Please do not enter personal information in feedback.