Loan Overpayment Calculator: Work Out the Numbers First
Money choices feel clearer with numbers in front of you. This calculator turns a few inputs into a simple estimate you can compare and plan around.
What is the Loan Overpayment Calculator?
It runs a simple month-by-month payoff simulation twice, once with your normal payment and once with the extra amount added, and shows the months and interest saved. All figures here are estimates: check current rules and rates before acting on them.
How to use it
- Enter your numbers.
- Check that each figure looks right.
- Click Compare Overpayment and read the result.
Worked example
On a $150,000 loan at 5% paying $1,000 a month, adding $200 saves 59 months (236 down to 177) and about $23,564.48 in interest as an estimate.
How much does $200 extra a month save on a $150,000 loan at 5%?
It cuts payoff from 236 months to 177 months and saves about $23,564.48 in interest on this simulation.
Frequently asked questions
Are these figures exact?
No. They are estimates based on the numbers you enter. Rules, rates, and charges change, so check current rules before making a financial decision.
What should I do with this estimate?
Use it to compare options and plan your next step, then confirm the final figure with the provider, lender, or adviser involved before committing money.