Repayment Calculator
Calculate payments for a fixed repayment term or the payoff time for a chosen installment.
Compare monthly loan payoff with and without extra monthly, yearly or one-time principal payments.
Result
- Principal
- Interest
Fixed-rate monthly repayment only. Extra yearly payments occur every 12 months; one-time extra is paid in the entered month. No prepayment penalties or new borrowing are included. The final payment is capped at the balance plus interest.
Calculation details
Scroll horizontally or vertically to see more. Download CSV for the complete schedule.
| Period | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | 400 | 100 | 300 | 19,700 |
| 2 | 400 | 98.50 | 301.50 | 19,398.50 |
| 3 | 400 | 96.99 | 303.01 | 19,095.49 |
| 4 | 400 | 95.48 | 304.52 | 18,790.97 |
| 5 | 400 | 93.95 | 306.05 | 18,484.92 |
| 6 | 400 | 92.42 | 307.58 | 18,177.35 |
| 7 | 400 | 90.89 | 309.11 | 17,868.24 |
| 8 | 400 | 89.34 | 310.66 | 17,557.58 |
| 9 | 400 | 87.79 | 312.21 | 17,245.37 |
| 10 | 400 | 86.23 | 313.77 | 16,931.59 |
| 11 | 400 | 84.66 | 315.34 | 16,616.25 |
| 12 | 400 | 83.08 | 316.92 | 16,299.33 |
| 13 | 400 | 81.50 | 318.50 | 15,980.83 |
| 14 | 400 | 79.90 | 320.10 | 15,660.73 |
| 15 | 400 | 78.30 | 321.70 | 15,339.04 |
| 16 | 400 | 76.70 | 323.30 | 15,015.73 |
| 17 | 400 | 75.08 | 324.92 | 14,690.81 |
| 18 | 400 | 73.45 | 326.55 | 14,364.26 |
| 19 | 400 | 71.82 | 328.18 | 14,036.08 |
| 20 | 400 | 70.18 | 329.82 | 13,706.27 |
| 21 | 400 | 68.53 | 331.47 | 13,374.80 |
| 22 | 400 | 66.87 | 333.13 | 13,041.67 |
| 23 | 400 | 65.21 | 334.79 | 12,706.88 |
| 24 | 400 | 63.53 | 336.47 | 12,370.41 |
| 25 | 400 | 61.85 | 338.15 | 12,032.27 |
| 26 | 400 | 60.16 | 339.84 | 11,692.43 |
| 27 | 400 | 58.46 | 341.54 | 11,350.89 |
| 28 | 400 | 56.75 | 343.25 | 11,007.64 |
| 29 | 400 | 55.04 | 344.96 | 10,662.68 |
| 30 | 400 | 53.31 | 346.69 | 10,316.00 |
| 31 | 400 | 51.58 | 348.42 | 9,967.58 |
| 32 | 400 | 49.84 | 350.16 | 9,617.41 |
| 33 | 400 | 48.09 | 351.91 | 9,265.50 |
| 34 | 400 | 46.33 | 353.67 | 8,911.83 |
| 35 | 400 | 44.56 | 355.44 | 8,556.39 |
| 36 | 400 | 42.78 | 357.22 | 8,199.17 |
How to use this calculator
Compare monthly loan payoff with and without extra monthly, yearly or one-time principal payments. Enter amounts in the units shown, select the applicable options, and click Calculate. Use Reset to restore the starting values.
Calculation formula
Accrue monthly interest; apply the regular payment plus scheduled extra principal. Compare interest and payment count with the regular-payment baseline.
Assumptions and accuracy
Review timing, rates, fees and result notes when comparing scenarios. Future returns and rates are assumptions rather than guaranteed outcomes. Monetary display follows the currency’s precision; intermediate calculations retain additional digits.
Choose what to calculate
Loan payoff calculator with extra payments
Compare a fixed monthly loan payment with additional principal payments. Review months saved, interest saved and the full repayment schedule.
Related searches: Loan calculator with extra payments
Open this calculationUnderstanding this calculation
Use the loan payoff calculator with extra payments to compare a regular monthly repayment with additional principal. Fixed Term and Fixed Payment remain available for separate payment/compounding frequencies.
Worked examples
Repay 12,000 with twelve monthly installments
Illustrative inputs are specified in the steps below; the example link loads the complete settings. Unmentioned settings use the linked defaults.
- At zero interest and monthly payments, 12,000 / 12 = 1,000 per installment.
Payment per period: 1,000 USD.
Try these inputsMonthly repayment with a 12% nominal annual rate
Principal 12,000 USD; 12 monthly payments; 12% nominal annual rate with monthly compounding. Fees and taxes are zero in this scenario.
- Monthly rate = 12% / 12 = 1%.
- Payment = 12000 × 0.01 / (1 − 1.01^(−12)).
- Check both the installment and the schedule; the final installment may be limited to the remaining balance.
Payment per period: 1066.19 USD.
Try these inputsExtra loan payments save one month and 5.15 of interest
Balance 1,000 USD; annual rate 12%; regular monthly payment 500; extra monthly payment 500.
- At 1% monthly, the regular-payment baseline accrues 10, 5.10 and 0.151 of interest across three payments: 15.251 total.
- With the extra payment, the first month pays 1,000 and leaves 10 principal. The second month pays the final 10.10.
- Interest becomes 10.10, saving 15.251 − 10.10 = 5.151 and one month.
Interest saved: approximately 5.15 USD; months saved: 1.
Try these inputsCommon questions
Can payment and compounding frequencies differ?
Yes. Select each separately so the model converts the rate consistently rather than assuming they are the same.
Why can a small repayment fail to pay off a loan?
If it does not cover the period's interest, the balance cannot decline under the stated assumptions.
When is a one-time extra loan payment applied?
Enter a whole payment month. Month 1 is the first scheduled payment in the projection. Extra payments are capped at the remaining principal and that period's interest; payments scheduled after payoff have no effect. The model does not include prepayment penalties.
Scope and assumptions
This is a fixed-rate cash-flow model; irregular billing, penalties and unentered charges may change a lender's schedule. The extra-payment comparison uses monthly accrual and requires the regular payment alone to cover interest, so a valid baseline can be compared. Annual extras occur every twelve months.
Sources
- Calculation methodology, rule versions and testing limitations
- Reference calculator for feature comparison (not a model-parity certification)
Calculation notes checked . Examples are mathematical checks under the stated assumptions.
Calculation methods and formulas
Loan Payoff with Extra Payments
Compare monthly loan payoff with and without extra monthly, yearly or one-time principal payments.
Accrue monthly interest; apply the regular payment plus scheduled extra principal. Compare interest and payment count with the regular-payment baseline.
Fixed Term
Solve a repayment installment or the time needed to repay a balance.
Fixed installment amortization; solve the payment count when the installment is supplied.
Fixed Payment
Solve a repayment installment or the time needed to repay a balance.
Fixed installment amortization; solve the payment count when the installment is supplied.
See our calculation methodology and review status for data versions, rounding and validation limitations.