Interest Payment Calculator

The purpose of this calculator is to demonstrate how many payments and how much interest you can save by paying a little bit more each month on your loan.

The top part of this calculator uses your current monthly payment.
Enter the dollar amount charged: 
Enter the annual interest rate: 
Enter the current monthly payment amount: 
Interest Charges: 
Number of Payments: 
Now add an additional amount to your monthly payment
(and click the Compute button again)
Additional Amount per Month: 
Revised Interest Charges: 
Revised Number of Payments: