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Loan Payment Calculator

Calculate payments and see the impact of extra payments

Loan Details

Optional: Additional amount toward principal each month

Common Loan Scenarios

Payment Summary

Monthly Payment$1,580
Total Interest Paid$318,861
Payoff Time30 years
Total Amount Paid$568,861

Payoff Timeline

Year 1
$247,206 remaining
$16,168 total interest
Year 2
$244,224 remaining
$32,148 total interest
Year 3
$241,043 remaining
$47,929 total interest
Year 4
$237,649 remaining
$63,497 total interest
Year 5
$234,027 remaining
$78,838 total interest
Year 6
$230,163 remaining
$93,936 total interest
Year 7
$226,041 remaining
$108,775 total interest
Year 8
$221,642 remaining
$123,338 total interest
Year 9
$216,948 remaining
$137,607 total interest
Year 10
$211,940 remaining
$151,561 total interest
Year 11
$206,597 remaining
$165,180 total interest
Year 12
$200,896 remaining
$178,440 total interest
Year 13
$194,813 remaining
$191,320 total interest
Year 14
$188,323 remaining
$203,791 total interest
Year 15
$181,398 remaining
$215,828 total interest
Year 16
$174,009 remaining
$227,402 total interest
Year 17
$166,126 remaining
$238,480 total interest
Year 18
$157,714 remaining
$249,031 total interest
Year 19
$148,739 remaining
$259,018 total interest
Year 20
$139,163 remaining
$268,404 total interest
Year 21
$128,946 remaining
$277,149 total interest
Year 22
$118,044 remaining
$285,209 total interest
Year 23
$106,413 remaining
$292,540 total interest
Year 24
$94,002 remaining
$299,091 total interest
Year 25
$80,760 remaining
$304,811 total interest
Year 26
$66,632 remaining
$309,645 total interest
Year 27
$51,557 remaining
$313,532 total interest
Year 28
$35,473 remaining
$316,410 total interest
Year 29
$18,311 remaining
$318,210 total interest
Year 30
$0 remaining
$318,861 total interest

Rate Comparison

5.50% Rate$1,419/month
6.00% Rate$1,499/month
6.50% Rate$1,580/month
7.00% Rate$1,663/month
7.50% Rate$1,748/month

Loan Payment Strategies

Extra Principal Payments

Even small extra payments toward principal can save thousands in interest and years off your loan. Every extra dollar goes directly to reducing the principal balance, not interest.

Refinancing Considerations

If interest rates drop or your credit improves, refinancing might lower your monthly payment or total interest paid. Consider closing costs against potential savings.

Emergency Fund First

Before making extra loan payments, ensure you have an emergency fund. The peace of mind and financial security often outweigh the interest savings from aggressive loan payoffs.