PayoffPlan

See how much interest extra monthly payments save — and your new payoff date.

Compare the standard schedule with an extra monthly payment. You get the interest saved, the new payoff date, and the month-by-month math. Free, no signup.

Your loan

Amount still owed. Example: 200000 or $200,000.

Fixed annual rate. 0% is allowed. Example: 6.25.

Remaining term

Whole number from 0 to 40.

Extra months from 0 to 11.

Added to the standard payment every month. Leave blank for none.

Month of the next payment. Leave blank to use this month.

How the numbers are calculated

  1. The monthly rate is the APR divided by 12.
  2. The standard payment is the fixed amount that pays the balance off over the remaining term. At 0% it is the balance split across the months, rounded up to the next cent.
  3. Each month, interest is the current balance times the monthly rate, rounded to the cent. The rest of the payment reduces principal.
  4. The extra plan adds your extra amount every month until the balance is gone. The last payment is only what is left, so the balance ends at zero.
  5. The payoff month is counted forward from the start month you enter. The same inputs always produce the same result.

Questions

How does this extra payment calculator work?

PayoffPlan computes the standard monthly payment from your balance, annual percentage rate, and remaining term. It then builds two schedules: one at that payment, and one with your extra amount added every month. Each month, interest is the balance times the monthly rate, rounded to the cent. The last payment clears the remaining balance.

What do interest saved and the new payoff date mean?

Interest saved is the total interest on the standard schedule minus the total interest when you add the extra payment. The new payoff date is the month the extra-payment balance reaches zero. Time saved is how many months sooner that happens.

What happens at a 0% rate?

At a 0% rate there is no interest, so the extra payment saves $0.00 of interest. It still shortens the term. The standard payment splits the balance across the months and rounds up to the next cent. The last payment is smaller so the balance ends at exactly zero.

Will my lender treat extra payments this way?

This page assumes a fixed rate and that each extra amount reduces principal immediately. Some loans apply the extra amount to the next bill instead, or they limit prepayment. Your contract controls that. Fees, escrow, taxes, and insurance are not included.

Is this financial advice?

No. Estimates only, not financial advice. The schedule is shown so you can check the arithmetic. It does not know your taxes or the rest of your budget, and it is not an offer from a lender.