Extra Payment Calculator
See how much time and interest you'd save by paying extra toward principal every month on a fixed-rate loan.
Calculated locally. Estimate only — not a loan offer.
Common questions
How does an extra monthly payment save interest?
Every extra dollar goes straight to reducing your principal balance, so future interest — which is calculated on whatever balance remains — is calculated on a smaller amount from then on. That compounds every month, which is why even a modest extra payment can save a meaningful amount over a long loan.
Is the extra amount a one-time payment or every month?
This calculator assumes the same extra amount is paid every month for the life of the loan, on top of the required payment. It doesn't currently model a single one-time extra payment.
How is this different from Amortization Schedule Calculator?
Amortization Schedule Calculator shows the payment-by-payment breakdown for a loan exactly as scheduled. This tool compares that original schedule against paying extra each month, showing how much sooner you'd finish and how much interest you'd save.
Is this financial advice?
No — this is a mathematical estimate based on the numbers you enter, not a recommendation about whether prepaying this loan is the right choice for your situation (versus, for example, investing that money elsewhere or paying off higher-interest debt first).