See how additional payments can reduce a loan balance and shorten its repayment schedule.
Loan Calculator (With Extra Payment)
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Table of Contents
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What is Loan (With Extra Payment)?
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How to Use This Calculator
- Enter or select Loan Amount, Interest Rate, Loan period (years), Extra Payments, Start Date.
- Check the unit beside each measurement. For a percentage or rate, use the scale and time period stated in the form.
- Choose Calculate, then compare the output with the formula and example below. If you change a value or option, calculate again to update the result.
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Formula Used
Payment = P × r/(1−(1+r)^−n); at zero interest, payment = P/n. P is financed principal, r is the rate per payment period and n is the number of payments.
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Variables Explained
| Input | What it means |
|---|---|
| Loan Amount | Principal to be financed before any additional charges the form adds. |
| Interest Rate | The quoted rate for the time basis shown in the form; an annual rate is not a monthly rate. |
| Loan period (years) | Use the measured or stated value for this item, with the unit or category shown beside the field. |
| Extra Payments | Use the measured or stated value for this item, with the unit or category shown beside the field. |
| Start Date | The calendar date for this event; the order of start and end dates affects the interval. |
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Worked Example
A principal of 10,000 at 6% annual interest over 12 monthly payments gives r=0.06/12 and a payment of about 860.66 before fees.
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Why Use This Calculator?
Look at both the payment and total interest. A longer term can lower the regular payment while increasing the amount paid overall.
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Common Mistakes
- Match the interest period to the payment period. Taxes, insurance, fees and extra payments affect the total only when included in the form.
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Frequently Asked Questions
Does the payment include every borrowing cost?
The principal-and-interest formula covers the loan itself. Add the fees and other costs shown in the form, and compare the estimate with the lender’s actual schedule.
Does the payment include every borrowing cost?
The principal-and-interest formula covers the loan itself. Fees and other costs are included only where the form explicitly adds them; compare the estimate with the lender’s actual schedule.
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Sources & References
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