Loan Repayment Calculator
Calculate loan repayment schedules with extra payments. See how biweekly payments or extra principal can save you money and shorten your loan term.
Formula:PMT = P × r(1+r)^n / ((1+r)^n - 1)
Repayment Summary
Payment Amount
$1,780
per month
Payoff Time
22y 1m
7y 11m faster
Total Interest$221,243
Interest Saved$97,618
Total Paid$471,545
Loan Details
$250,000
10,0001,000,000
6.5%
215
Repayment Strategy
$200
02,000
Extra payment goes directly to principal each month
Your Savings
Interest Saved
$97,618
Time Saved
7y 11m
Payoff Date
Jan 2048
Balance Over Time: Accelerated vs Standard
Yearly Payment Breakdown
Standard vs Your Strategy
| Metric | Standard | Your Strategy | Difference |
|---|---|---|---|
| Payment | $1,580/mo | $1,780/mo | - |
| Payoff Time | 30 years | 22y 1m | -7y 11m |
| Total Interest | $318,861 | $221,243 | -$97,618 |
| Total Paid | $568,861 | $471,545 | -$97,316 |
Accelerated Repayment Tips
- •Round up: Round your payment to the nearest $50 or $100
- •Biweekly: Make 26 half-payments instead of 12 full payments
- •Windfalls: Apply tax refunds, bonuses, or gifts to principal
- •Refinance: If rates drop, refinance but keep your old payment amount
What if you increased your extra payment?
See how increasing extra payments can dramatically reduce your total interest
$0$200$2,000
Personalized Insights
2 insights based on your inputs
Massive Interest Savings!
Your strategy saves $97,618 in interest - that's a substantial amount you could invest elsewhere.
7+ Years Saved
Your accelerated payments cut 7 years and 11 months off your loan term.
Related Calculators
Explore other tools that might help
Frequently Asked Questions
The most effective strategies are: 1) Make extra principal payments, even small amounts help. 2) Switch to biweekly payments (26 half-payments = 13 monthly payments per year). 3) Round up your payment. 4) Apply windfalls (tax refunds, bonuses) to principal.
Biweekly payments can shave 4-6 years off a 30-year mortgage and save tens of thousands in interest. You make 26 half-payments (13 full payments) instead of 12, adding one extra monthly payment per year directly to principal.
Compare your loan interest rate to potential investment returns. If your mortgage is 6% and investments average 8%, mathematically investing wins. But paying off debt is a guaranteed "return" equal to your interest rate, while investments carry risk.
Principal is the original loan amount you borrowed. Interest is the cost of borrowing, calculated as a percentage of your remaining balance. Early payments are mostly interest; later payments are mostly principal (amortization).
No, extra payments reduce your loan balance (principal), which shortens your loan term and reduces total interest. Your required monthly payment stays the same. To lower monthly payments, you would need to refinance for a longer term.
How this works
Calculations are run entirely in your browser. No inputs are sent to our servers and no account is required. Formulas follow standard US definitions from the IRS and the CFPB where applicable; international users should confirm local tax and regulatory rules apply.
What this tool can’t do
When to consult a professional
This is a software engineering tool, not financial advice. Run the math here, then take the result to a certified financial planner, CPA, or your bank before making a decision that materially affects your money.
Sources
- [1]Consumer Financial Protection Bureau (CFPB)Official sourceconsumerfinance.govAccessed Apr 21, 2026
US consumer finance regulator; authoritative on mortgage disclosures, APR rules, credit cards.
Joseph OrdunaFounder & Software Engineer
Full-stack software engineer specializing in embedded systems, web architecture, and AI/ML. Founder of Practical Web Tools. Built the gesture-controlled drone IP acquired by KD Interactive (Aura Drone, sold on Amazon).
Repayment Summary
Payment Amount
$1,780
per month
Payoff Time
22y 1m
7y 11m faster
Total Interest$221,243
Interest Saved$97,618
Total Paid$471,545