Pay Off Loans Faster

Frequently Asked Questions

Everything you need to know about extra loan payments, debt management, and our calculators

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Frequently Asked Questions

What is an extra payment calculator?

Is this calculator really free?

Do I need to create an account?

Is my financial information secure?

Can I use this calculator on my phone?

How does the calculator work?

What types of loans can I calculate?

What information do I need to use the calculator?

How accurate are the calculations?

Can I make one-time extra payments?

When should I start making extra payments?

How much should I pay extra each month?

Is it better to pay extra monthly or yearly?

Should I pay off my mortgage early or invest?

Will extra payments hurt my credit score?

Does this work for mortgages?

Can I use this for auto loans?

Does this work for student loans?

Can I calculate credit card payoff?

Does this work for personal loans?

What is a prepayment penalty?

How do I know if my loan has a prepayment penalty?

Are prepayment penalties common?

Can I negotiate to remove a prepayment penalty?

Should I still make extra payments if there's a penalty?

How is loan interest calculated?

Why do extra payments save so much interest?

What is an amortization schedule?

How is the monthly payment calculated?

Why doesn't my balance decrease much at first?

What is the debt snowball method?

What is the debt avalanche method?

Which debt payoff strategy is better?

Should I pay off debt or build emergency savings first?

Should I consolidate my debts?

What are bi-weekly payments?

How much can bi-weekly payments save me?

Does my lender offer bi-weekly payment plans?

Can I set up bi-weekly payments myself?

How do I find money for extra payments?

Should I use savings to pay down debt?

What if I can only afford small extra payments?

Should I pay extra or invest in retirement?

How do I stay motivated during debt payoff?

Should I refinance or make extra payments?

Can I refinance and make extra payments?

What is the break-even point on refinancing?

Should I refinance to a shorter loan term?

Will paying off my mortgage early affect tax deductions?

Are extra payments tax deductible?

Should I factor in tax deductions when deciding to pay extra?

Can I save or print my results?

Why don't my numbers match my lender exactly?

Can I compare multiple extra payment scenarios?

Does the calculator work offline?

What browsers are supported?

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