See where every payment goes.

Interest builds up every day on what you still owe:

Interest = Principal balance × (APR ÷ 365.25) × Days since your last payment

The 365.25 accounts for leap years. Because interest is counted by the day, months with more days cost a little more interest, and your final payment absorbs any leftover cents.

Each payment first covers the interest that has built up since your last payment. Whatever is left, including any extra, lowers your principal, as long as your lender applies it that way. Lenders handle extra payments differently, so speak to your lender about how yours will be applied.

Extra toward principal: once built-up interest is covered, the extra lowers your balance, and your next payment is still due as usual. Pay ahead: each time your paid-ahead money covers a full regular monthly payment, your lender moves your due date out a month, so you may not have a payment due for a while.

Interest still builds up every day either way, so this calculator assumes you keep making your regular payment each month. Lenders handle paid-ahead money differently, so check with your lender how yours will be applied.

Sending extra money to the loan with the highest interest rate first usually costs the least overall. Paying off the smallest balance first gives you quicker wins. You can also pick your own order or split extra evenly. The calculator compares every plan using your loans, so you can see the difference for yourself.

If you add escrow for property taxes and insurance, it's included in your monthly total. It isn't part of the loan, so it doesn't change your interest, principal or payoff date.

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