Financial Tools
Extra Payment Calculator
See how extra payments reduce your loan term. Add a fixed amount every month and watch the payoff date and total interest move.
Loan Balance
Interest Rate (% per year)
Remaining Term
Extra Payment Every Month
Values shown are examples. Edit them to match your situation.
With Extra Payments
| Interest Saved | $0 |
| Time Saved | n/a |
| Scheduled Payment | $0 |
| Payment With Extra | $0 |
| Original Payoff | n/a |
| New Payoff | n/a |
| Original Total Interest | $0 |
| New Total Interest | $0 |
Yearly Schedule With Extra Payments
| Year | Principal | Interest | Balance |
|---|
For illustration only, not financial advice. Results are estimates based on the numbers you enter and do not constitute an offer, rate quote or approval.
Questions people ask
How does an extra monthly payment save interest?
The extra amount goes to principal every month, so the balance falls faster and each later month charges interest on a smaller balance. The page runs the loan twice, with and without the extra payment, and shows the difference as Interest Saved.
How is Time Saved worked out?
It is the number of months the loan runs on the original schedule minus the number of months it runs with the extra payment added, at the same rate and scheduled payment.
Does the scheduled payment change when I pay extra?
No. Scheduled Payment stays the standard payment for your balance, rate and remaining term; Payment With Extra is that figure plus the extra amount you set.
Does this include prepayment penalties, taxes or insurance?
No. The inputs are the balance, rate, remaining term and extra payment, so the result covers principal and interest alone. Check your loan agreement for any prepayment terms.
