Accelerated payoff math
Extra payment payoff calculator
Adding $100 per month to the default loan shortens payoff by 23 months and reduces modeled interest by $4,005.16.
Modeled payoff time
97 months- Scheduled payment
- $574.12
- Payment with extra
- $674.12
- Months saved
- 23
- Interest saved
- $4,005.16
Method
The calculator applies one month of interest to the remaining principal, then subtracts the scheduled payment plus the entered extra amount. It repeats until the balance reaches zero and compares that schedule with the original fixed-rate term.
Important limits
The result assumes the extra amount is applied to principal every month and that the rate never changes. Confirm lender allocation rules and any prepayment penalty before relying on the estimate.