=Personal FinanceTOOLKIT

Extra Debt Payment

Compare your current payment with an extra amount.

Your numbers

Enter your numbers to see the result.

How Extra Debt Payment works

Run the monthly payoff schedule twice using the current payment and the payment plus your extra amount. Compare months and cumulative interest.

A worked example

These sample values illustrate the calculation. Use your own numbers in the calculator for your result.

Example inputs
Balance
5000
APR (%)
18
Current monthly payment
200
Extra monthly payment
75
Estimated interest saved
$431.48
Months saved
10
New payoff time
22 months
New monthly payment
$275.00

Assumptions and limits

Rates, fees and contribution schedules are the assumptions you enter. This estimate does not include changes you have not entered.

Educational estimate only. This is not personalized financial, investment or tax advice.