What does this tool do?
A standard repayment plan spreads the balance over a fixed term at a fixed rate. This calculator also shows the effect of a small extra payment.
The Formula
Payment = P × r ÷ (1 − (1 + r)^−n); interest saved by extra paymentsFrequently Asked Questions
Should I pay extra or keep the cash?
The trade-off is between reducing interest with certainty and keeping money available. There is no single right answer for every household.
What if I can only pay the minimum?
The loan still clears by the end of the term, but you will pay the full scheduled interest. Contact the servicer before missing a payment.