In this paper, we propose a new variable bit-rate speech coder based on the waveform interpolation concept. After the coder extracted all parameters, the amounts of the distortions between the current and the predicted parameters which are estimated by extrapolation using past two parameters are measured for all parameters. A parameter would not be transmitted unless the distortion exceeds the preset threshold. At the decoder side, the non-transmitted parameter is reconstructed by extrapolation with past two parameters used to synthesize signals. In this way, we can reduce 26% of the total bit rate while retaining the speech quality degradation below 0.1 PESQ score.