Free online loan payoff calculator. Enter loan amount, interest rate, monthly payment, and extra payment to calculate interest savings and time saved. Pure frontend, no data upload.
Yes. Extra payments reduce the remaining principal, which reduces monthly interest accrual. Even small extra payments can save significant interest over time. For example, a $300K loan at 4.9% with $1000/month extra can save tens of thousands.
Generally, use surplus funds for extra payments after ensuring daily living and emergency funds. Monthly extra payments should not exceed 30% of income. The exact amount depends on your financial situation and loan rate.
The calculator simulates amortizing payments: monthly interest = remaining balance ร monthly rate, principal payment = monthly payment - interest. Extra payments directly reduce principal. Calculations proceed month by month until payoff.
If your monthly payment is less than the monthly interest (loan amount ร monthly rate), the loan will never be paid off. You need to increase your payment or reduce the loan amount.
No. All calculations happen locally in your browser. Your financial data is never uploaded to any server.