What if I pay a little extra each month on my loan?

Paying a little extra each month on your loan can make a big difference in how quickly the loan will be paid off. Use this calculator to see how making additional monthly payments can shorten the time to eliminate the debt.

Remember to enter the term of the loan in months—a 30-year loan would be 360 months, a five-year loan would be 60 months, and so forth.

Loan Information
Original loan balance ($) 
Annual percentage rate (%) 
Initial term in months (30yrs=360) 
Number of payments already made 
Proposed additional monthly payment ($) 
This calculator is provided courtesy of CalcXML to assist you in planning for your future. The quality of the analysis is the result of information you provide. The accuracy of this calculator and its applicability to your circumstances is not guaranteed.

Analysis is provided for general illustration and/or informational purposes only and is not to be construed as tax, legal, or investment advice. Although the calculator is based on information from sources believed to be reliable, accuracy and individual circumstances can vary. The information should be relied upon only when coordinated with individual advice from qualified professionals.

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