Loan extra payment calculator
Works for car loans, personal loans, student loans and mortgages. Interest is calculated monthly on the remaining balance.
Do this every month in a spreadsheet
Debt Payoff Tracker Spreadsheet: List your debts once, log each payment, and see paid-so-far, remaining balance and percent paid for every debt and in total.
Excel and Google Sheets, formulas already set up. Instant download.
FAQ
Does extra go to principal?
Usually, but check with your lender: some apply extra money to future payments unless you ask for it to go to principal.
What if my payment doesn't cover the interest?
Then the balance never goes down. The calculator says so; you'd need a larger payment.
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