Enter Loan Details
Repayment Summary
Standard Monthly Payment: -
Standard Repayment Period: -
Accelerated Repayment Period (with Extra Payment): -
Total Interest Paid (Standard): -
Total Interest Paid (Accelerated): -
Interest Saved: -
Remaining Debt Chart
Yearly Payment Plan
Overview & Methodology
The standard monthly payment is calculated using the amortization formula:
$$ P = \frac{rL}{1 - (1+r)^{-n}} $$
where L is your loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly payments.
With an extra monthly payment, your effective payment increases to P + Extra, and the repayment schedule is recalculated month by month. This tool then computes the new repayment period, total interest paid under both scenarios, and the savings from extra payments.
Example
For example, if you have a €30,000 student loan at 6% annual interest over 10 years with an extra payment of €50/month, the tool might show:
- Standard Monthly Payment: Approximately €333.47
- Standard Repayment Period: 10 years (120 months)
- Accelerated Repayment Period: Around 8 years and 6 months (approximately 102 months)
- Total Interest (Standard): €9967.38 (calculated value)
- Total Interest (Accelerated): €9967.38 (calculated value)
- Interest Saved: €0.00 (calculated value)
Frequently Asked Questions
How is the monthly payment calculated?
The monthly payment is computed using the formula:
$$ P = \frac{rL}{1 - (1+r)^{-n}} $$
where r is the monthly interest rate, L is your loan amount, and n is the total number of monthly payments.
How do extra payments affect the repayment period?
Extra payments reduce your remaining balance faster, shortening the overall repayment period and lowering the total interest paid.
What does the payment plan table show?
The table aggregates the monthly repayment schedule by year, showing total payment, interest, principal paid, and the remaining debt at the end of each year.
Can I change the currency?
Yes. Use the currency dropdown at the top; all monetary outputs will display with your selected symbol.