Run your own numbers.
The same calculators used in the sessions. Every default comes from the numbers engine, so they are current, and every one of them is editable.
Sessions 2, 4, 7 Student, car or mortgage. It is the same machine. Watch what extra payments do.
Any installment loan, student, car, or mortgage. It's the same machine.
$
% APR
years
Monthly payment
$694.93
What you hand back
$83,392
152% of what you borrowed · $28,392 of it is interest
What extra payments do
| Strategy | Saves | Costs | Off the term |
|---|---|---|---|
| One extra payment, month 1 | $989 | $695 | 2 mo |
| A full first year extra | $10,113 | $8,339 | 26 mo |
| +10% every month | $4,304 | $7,227 | 16 mo |
| +$100 every month | $5,793 | $9,800 | 22 mo |
Interest is charged on what you still owe, so a dollar paid early removes more interest than the same dollar paid late.