Compound interest
See how a starting amount, regular deposits, and time could grow your money.
Saving & investingEveryday money
Loan & extra payments calculator
Show that debt the stable door.
Your numbers
Estimate loan payments and see what extra repayments could save in time and interest.
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THE MATH, WITHOUT THE MYSTERY
What’s actually happening here?
A loan payment usually covers both interest and principal—the amount you still owe. As the balance falls, less interest is due and more of each regular payment goes toward principal.
We calculate the regular payment from your current balance and remaining term. A one-off payment reduces the balance immediately; monthly extras arrive with the regular payment. We keep the regular payment unchanged, shortening the term rather than reducing the installment.
THE FORMULA
Regular payment = P × i / (1 − (1 + i)⁻ⁿ)
A small example
Borrow 1,200 at 0% over 12 months and the payment is 100. Paying an extra 100 each month clears it in 6 months. There is no interest to save at a 0% rate.
Further reading
Consumer Financial Protection Bureau · Loan amortizationGOOD QUESTIONS
A few things worth knowing.
Why does my lender show a different number?
Daily interest, accrued interest, fee rules, rounding, irregular payment dates, and insurance can all change the real schedule. Ask your lender for an official quote.
Does the one-off payment lower my regular installment?
Not here. This model holds the calculated regular payment fixed and shortens the term. Some lenders also offer a reduced-installment option.
Is early repayment always better?
Not necessarily. Fees, emergency cash needs, and alternative uses of your money matter. The net saving shown here is interest avoided minus the extra-repayment fees you entered.