How to use the Loan Calculator
- Enter loan amount, rate and term.
- Add an optional extra payment.
- Compare payoff time and interest.
How it works
The calculator simulates month-by-month amortization on a fixed-rate, reducing-balance loan.
Worked example
A 500,000 loan at 10% for 5 years with an extra 2,000 a month is repaid in about 3 years 10 months, saving tens of thousands in interest.
Good to know
Check your lender’s rules on prepayment penalties before overpaying.
Frequently asked questions
They reduce principal sooner, so less interest accrues each month.
No.
Results are estimates for information only and are not financial, tax or legal advice.