Skip a payment? See the hidden price fast. Adjust loan details, fees, and timing easily. Download results to share with lenders and family securely.
| Scenario | Balance | APR | Term | Skips | Interest mode | After-skip strategy | Typical added cost |
|---|---|---|---|---|---|---|---|
| Auto loan, 1 skip | $12,000 | 18.5% | 30 mo | 1 | Accrues and adds to balance | Keep payment; extend payoff time | $60–$160 |
| Personal loan, 2 skips | $8,500 | 24.0% | 24 mo | 2 | Accrues and bills separately | Keep payoff date; increase payment | $140–$320 |
| Promotional plan, 1 skip | $3,000 | 0.0% | 12 mo | 1 | No interest during skip | Keep payment; extend payoff time | $0–$50 |
Monthly rate r = APR / 12
Accrued interest during skip Iskip = Balance × ((1 + r)s − 1) (compound estimate)
Payment (if auto-calc) PMT = PV × r / (1 − (1 + r)−n)
Term (if keeping payment) n = −ln(1 − r × PV / PMT) / ln(1 + r)
Baseline total payments = PMT × remaining_months
Baseline interest = baseline_payments − Balance
With skip total cost = (payments after skip) + (skip fees) + (billed interest, if any)
Added cost = with_skip_total_cost − baseline_total_payments
Assumption: interest accrues monthly during skipped months. Lender rules may differ on capitalization, due dates, and fee structure.
Skipping a payment changes cashflow but not the math. On a $12,000 balance at 18.5% APR, one skipped month can accrue about $185 in interest if it compounds monthly. If a lender capitalizes that interest, the balance rises and future interest is charged on interest, increasing long-run cost. At 0% APR, accrued interest is $0, so fees dominate.
Many deferral programs add a per-skip fee and sometimes a one-time processing fee. With a $25 fee per skipped month and a $0 processing fee, one skip adds $25 immediately. Two skips add $50, and three add $75, before interest effects. Enter your exact fees to isolate the real price of payment relief.
This calculator models three common policies: interest accrues and is added to the balance, interest accrues but is billed separately, or interest is waived during the skip. Waived-interest programs are uncommon; verify eligibility and catch-up rules. If interest is billed separately, the payoff balance stays the same, but you owe an extra interest invoice. When APR is 0, skip interest is zero.
After the skip, you can keep your payment and extend the payoff time, or keep the payoff date and raise the payment. Extending the term spreads cashflow but adds months of interest exposure. Keeping the date concentrates cashflow: the new payment is recalculated over fewer months, increasing noticeably. If your payment is too small to cover interest, the calculator flags that amortization will not work.
Focus on added total cost, added interest, and months-to-payoff change. For example, a personal loan with $8,500 balance, 24% APR, and two skips often shows a higher added-cost range than a 0% promotional plan. A practical rule: if added cost is below one regular payment, the liquidity benefit may outweigh expense. Use the CSV/PDF export to compare offers and document assumptions.
If the lender approves a formal skip program and reports the account as current, it usually should not be treated as a missed payment. Rules vary by lender and bureau reporting. Always confirm how the skip is coded before enrolling.
Capitalizing means accrued interest is added to the principal after the skip. Your balance increases and future interest is charged on the higher amount. The calculator models this under “Accrues and adds to balance,” which typically produces the highest added cost.
If you keep the same monthly payment after a skip, you may need extra months to repay the balance, especially when interest is capitalized. The tool estimates the new term and shows the added months versus your original schedule.
Yes. Choose “Keep payoff date; increase payment.” The calculator recalculates a higher payment over the remaining months after the skip. This often reduces extra months but can raise short‑term cashflow requirements.
This tool estimates interest with monthly compounding, which matches many amortizing loans. Some lenders use daily accrual, different capitalization dates, or special rules. Use the fee and interest settings to approximate your policy, and verify the exact method with your statement.
Run each offer with its own fees, interest treatment, and skip months. Compare added total cost, added interest, and months to payoff. Export CSV/PDF so you can keep a consistent record of assumptions and results.
Important Note: All the Calculators listed in this site are for educational purpose only and we do not guarentee the accuracy of results. Please do consult with other sources as well.