Extra Payment Calculator

Estimates only — your lender's disclosure governs. LoanMatchers is not a lender. Rates and terms vary by lender and creditworthiness. This page provides general educational information, not financial advice — consult a qualified professional before making financial decisions.

How it works

Each extra dollar reduces principal, which lowers future interest and shortens the term. The calculator runs the amortization with and without the extra payment and compares months and total interest.

Need a realistic rate? See the current personal loan rate benchmarks (cited official benchmarks).

Frequently asked questions

How is a personal loan monthly payment calculated?

With standard amortization: M = P·r·(1+r)^n / ((1+r)^n − 1), where r is the monthly rate (APR ÷ 12) and n is the number of payments. Our calculator above applies exactly this formula.

What is an origination fee and how does it affect cost?

Some lenders deduct a fee (often 1–8% of the loan) from the amount disbursed. You still repay the full balance, so the fee raises the effective APR — the personal loan calculator shows net proceeds and effective APR.

Does checking my rate hurt my credit score?

Comparing estimates with a calculator never affects credit. A formal application may trigger a hard inquiry; pre-qualification checks with lenders are typically soft inquiries.

What APR will I actually get?

It depends on creditworthiness, income, and term. The Federal Reserve G.19 24-month commercial-bank rate on the rates page is a national benchmark, not an offer — your lender discloses your APR before you sign.