How to Interpret This:

The "Estimated Additional Interest" is the direct interest cost incurred because your payment was delayed by the number of grace period days you entered. When you make your payment, this additional interest is typically paid first (after any regularly accrued interest for the billing cycle), meaning less of your payment goes towards reducing your loan's principal balance for that specific installment.

Using grace periods where interest accrues can, over time or with repeated use, lead to a slightly higher overall loan cost or a marginally longer repayment period because the principal balance decreases more slowly.

Important: Always check your loan agreement for specific terms regarding grace periods, how interest accrues, and whether any late fees are also applied (this calculator does not estimate late fees). This tool provides an estimation for illustrative purposes only and is not financial advice.