Debt is something that all of us have. According to Experian’s 2019 Consumer Debt Study, total consumer debt in the United States stands at $14.1 trillion, with the average personal debt at $90,460. While it’s good to know you’re not alone when it comes to debt, it doesn’t erase the fact that becoming debt-free can feel liberating. 

When loans are part of your overall debt, making the monthly payments is always beneficial, but making extra payments is even better. If you can afford to make extra payments, this will help you get out of debt faster. To make this happen, it’s a good idea to create goals and track milestones. If you have a strategy, it can make the process easier. Using an online loan calculator with an extra payment option can help to devise a plan to pay down your debt much quicker.

There are online loan calculators that can help you figure out how to make those extra payments work for you. Let’s take a look at several of them to see which ones are the best options.

Bankrate Additional Payment Calculator

Bankrate offers an additional payment calculator to help you determine extra mortgage payments. To figure out how the additional payments can shorten the length of your loan, you need to input the following information:

  • Years remaining on the mortgage
  • Original mortgage term
  • Original mortgage amount
  • Amount of extra principal you’re paying
  • Annual interest rate

Loan Calculator Bankrate

The calculator allows you to see how weekly, biweekly, semimonthly, monthly, bimonthly, quarterly, and annual payments affect your loan. You can see the principal balances by payment, the total of all payments made, and then the total interest paid.

One of the good things about this calculator is that you don’t need to put your email address in to use the calculator. Many people prefer this option because they don’t have to worry about getting spam in their mailbox. One drawback is that this online calculator can only be used for mortgage payments.

At, this online calculator can be your one-stop to find out how extra payments will affect all of your loans. You need to input the following information:

Loan Calculator MyCalculators

From there you can choose to see how monthly, quarterly, semi-annually, annual, or one-time payments can affect your loan. You can also set how long you intend to make those payments. As with the Bankrate calculator, no email address or personal information is needed to get started. This is a good calculator to try because you can use it for mortgage, auto, personal, student, or any other types of loan you owe. 


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The Calcxml site offers an online calculator that lets you determine how extra payments can impact any type of loan you have. Simply put in the following information:

  • Original loan amount
  • Annual percentage rate
  • Initial term
  • Number of payments already made
  • Amount of extra monthly payment

Loan Calculator Calcxml

This will allow the calculator to determine how the extra payments will be able to help you pay off your loan sooner. Unlike some of the other sites, this one only offers you the extra monthly payment option. So, if you wanted to play around with how different frequencies of payments can affect your loan, this may not be the tool for you. On the plus side, you can use it without putting in any email or personal information.

Nerd Wallet Early Mortgage Payoff Calculator

The Nerd Wallet calculator is made for only mortgage payments. So, if you’re looking to see how extra payments would impact any other type of loan, this is not the calculator for you. If you want to see how extra payments would impact your mortgage payment, you’ll need the following information:

  • Mortgage amount
  • How much you owe
  • Outstanding balance
  • Loan term
  • Interest rate
  • How many years are left on your mortgage
  • How many years do you want to pay your mortgage off in

Loan Calculator Nerd Wallet

After you put in all of this information, you’ll get a detailed report that will tell you what monthly principal amount you should be making to pay off your mortgage in the time frame you wish.

Loan Calculator Nerdwallet Results

This is helpful information, but the calculator is limited because it only gives the monthly extra payment option. Some people like to see how other types of payments can impact their loan. On the plus side, you don’t have to put in any contact information to get the results. 

If you’re only concerned about mortgage loans and extra monthly payments, this calculator may be able to help you out.

Mortgage Calculator

Here’s another site that can help you figure out how extra mortgage payments can lower that type of loan. But, Mortgage Calculator is only for mortgages, so keep that in mind if you were looking for a universal loan calculator.

This calculator gives you options to determine how extra weekly, monthly, quarterly, yearly, and one-time payments can impact your loan. You need to have the following information:

  • Home value
  • Loan amount
  • Interest rate
  • Loan term
  • Date of start of loan

Loan Calculator Mortgage Payments Calculator

Once you input all of that, you can then see how different payment options and amounts can impact your mortgage. You can even set a schedule with start and end dates to really help you make a plan for your extra payments. That’s one of the benefits of choosing this calculator. 

Loan Calculator Mortgage Payments Calculator 2

Loan Calculator Mortgage Payments Calculator Results

Unfortunately, it can only be used for mortgages. It would be even more helpful if you could use it for other types of loans. To get your information, you don’t have to put your email or other personal information.

What to Consider When Choosing Your Loan Calculator

As you can tell from the various online loan calculators we’ve compared, the main differences have to deal with the types of loan they can calculate and the types of payments. When you are choosing your online loan calculator for extra payments consider the following:

  • What type of loan do you want information on?
  • Do you want information on how different payment frequencies will affect your loan?
  • Do you want someone to contact you with more information?

Once you determine what your priorities are for your loan calculator, you’ll be able to choose one that will help you make a plan to pay off your loan earlier and enjoy being debt-free.

Top Online Personal Loan Lenders

Here are a few websites that offer personal loans to help you get the extra money you need.

SuperMoney: Best lending network for 600+ credit scores
Even Financial: Offers loans from top lending providers
Loan Pioneer: Offers hassle-free financial assistance
LendingTree: Best for providing a variety of loan options
Credible: Offers student loan refinancing, private student loans & personal loans
MaxLoan365: Offers term loans between 12 to 60 months Offers network of reputable lenders
Loans Under 36%: Offers loans for a variety of uses

Remember to borrow responsibly.

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