RV Loan Extra Payments Calculator with Extra Payments
This calculator shows how one-time or recurring additional principal payments change the amortization of an RV loan. It compares the baseline schedule (no extra payments) to scenarios with a single extra payment applied at a chosen payment number or a fixed extra added to every payment.
Use the fields to enter the loan amount, APR, term, and the extra payment choices. Results show new payoff time, estimated interest saved, and total amount paid under each scenario. This tool is for planning and estimates; exact figures depend on your lender's posting rules and day-count conventions.
Add a fixed extra amount to each payment (starting immediately) and compute new payoff time and interest savings.
Inputs
Advanced inputs
One-time extra settings
Recurring extra settings
Results
Payment including recurring extra
$485.55
Payments required with recurring extra
—
Total paid (with recurring extra)
—
Interest saved
—
| Output | Value | Unit |
|---|---|---|
| Payment including recurring extra | $485.55 | currency |
| Payments required with recurring extra | — | payments |
| Total paid (with recurring extra) | — | currency |
| Interest saved | — | currency |
Visualization
Methodology
Calculations use standard fixed-rate amortization formulas. Periodic interest rate r = APR / payments_per_year. Regular payment is computed by the closed-form annuity formula: payment = P * r / (1 - (1+r)^-N).
One-time extra: the outstanding balance just before the extra at payment k is computed from the closed-form balance formula. The extra reduces principal immediately; remaining payments are recomputed assuming the borrower continues the regular payment amount until payoff.
Recurring extra: a fixed additional principal amount is added to each payment. The new effective payment is regular_payment + extra; the remaining number of payments is calculated using the annuity payoff formula solved for n.
Expert Q&A
Will results match my lender's payoff exactly?
This calculator uses standard amortization math. Actual lender payoff amounts may differ due to daily interest accrual methods, rounding rules, fees, payment posting order, and whether the lender applies extra payments to principal immediately. Use results as an estimate and request an official payoff quote from your lender for exact amounts.
Can I enter extra payments that start later or end early?
This tool offers a one-time extra and a simple recurring-per-payment extra. For complex schedules (varying amounts or start/end ranges), please run multiple scenarios or consult an amortization schedule exported to a spreadsheet for custom schedules.
What input ranges and limits should I watch for?
Keep APR non-negative and realistic (typically 0–30%). Payments per year should be at least 1. Very small or zero periodic rates, zero extra amounts, or extra amounts that fully pay the loan immediately may produce edge results; the calculator includes no lender-specific fees or prepayment penalties.
Sources & citations
- NIST - National Institute of Standards and Technology — https://www.nist.gov
- ISO - International Organization for Standardization — https://www.iso.org
- IEEE Standards Association — https://standards.ieee.org
- OSHA - Occupational Safety and Health Administration — https://www.osha.gov