Extra Payment Payoff Calculator
Measure how much faster a debt clears when you add a recurring extra payment or a one-time lump sum.
Runs locally in your browser — your debt balances never leave this pageTry: Loan or debt balance=8000, Regular payment=200, APR %=9.5, Extra payment / month=100, One-time lump sum=500 → 28, $890, 28, $890, $0
How to use
A recurring extra payment compounds its own benefit: every dollar above the minimum reduces the balance, which reduces future interest. A one-time lump sum gives an immediate jump. Try both to see the combined effect.
FAQ
Is a lump sum or a higher monthly payment better?
It depends on the rate. Throwing a lump sum at a high-APR debt usually beats spreading the same money over months, because it stops interest immediately. For low-rate debt, a steady extra monthly amount is often easier to sustain.