See how extra payments can reduce your loan term and save on interest
Month number when one-time payment is made
$16,717.55
60 Months
5.0 Years
$0.00
0.00
$3,053.00
$3,053.00
Our extra payment calculator shows how making additional payments can save thousands in interest and shorten your loan term. See the impact of extra monthly payments or one-time lump sums on your loan payoff.
An extra payment calculator compares your standard loan repayment to a scenario with additional payments. It shows how extra payments reduce total interest and shorten the loan term.
Making extra payments is one of the most effective ways to save money on loans. Even small additional payments can save thousands in interest over the life of a loan.
This calculator helps you decide if making extra payments fits your budget and shows the exact savings you'll achieve. It's motivating to see how extra payments accelerate your path to being debt-free.
Enter your total loan amount (principal).
Input your loan's interest rate.
Enter your original repayment period in years.
Enter any additional amount you plan to pay each month beyond your regular payment.
Tip: Even $50-100 extra per month can save thousands and shorten your loan significantly.
Enter a lump sum payment you might make (e.g., from a bonus or tax refund).
Tip: One-time payments are most effective when made early in the loan term.
Specify when you'll make the one-time payment (month number).
Tip: Making extra payments early saves more interest because more of your regular payment goes to interest in early years.
Result: You'll see your original monthly payment, new payoff time, interest saved, months saved, and a comparison of total interest with and without extra payments.
The calculator applies extra payments directly to principal, reducing the outstanding balance faster and recalculating remaining payments accordingly.
$200,000 mortgage at 6% for 30 years. Adding $200 extra per month.
Interpretation: Your original payment is $1,199. With $200 extra monthly, you'd pay off the loan in 22 years (8 years early) and save $48,000 in interest! The extra $200/month pays for itself many times over in interest savings.
Assumes no prepayment penalties
Does not account for opportunity cost of extra payments
Results depend on when extra payments are made
If your loan interest rate is higher than expected investment returns, extra payments usually make more sense. For low-rate loans (under 4-5%), investing might be better long-term.
The earlier, the better! Extra payments early in the loan save the most interest because more of your regular payment goes to interest in early years.
Most loans allow extra payments, but some have prepayment penalties. Check your loan agreement. Federal student loans and most mortgages allow prepayment without penalty.
Calculate your EMI (Equated Monthly Installment), total interest, and view the complete amortization schedule
Calculate your monthly mortgage payment and see how your loan balance decreases over time
Calculate how extra payments can pay off your mortgage faster
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