Increase Your Monthly Payment

Current Payment Level
Monthly Payment
Total Interest
Months to Pay Off
With Additional Payment
Monthly Payment
Total Interest
Months to Pay Off
Interest Paid over Repayment Term
Current Payment Level With Additional Payment
Total Interest

If you're trying to pay down some debt, you might be wondering what the impact would be if you simply increased your monthly payment each month by just a little, or even a lot. When you increase your monthly payment, the amount of the increase gets applied directly to reducing the amount owed, or principle. Reducing the amount of money you owe will reduce your interest charges each month, as the interest rate will be applied only to the outstanding loan balance. An increase in your monthly payment will lessen the amount of interest charges you will pay over the repayment period and shorten the number of months it will take to pay off the loan.