Adding even a modest amount to your regular payment can shave years off a loan and save thousands in interest, since every extra dollar goes straight to your principal balance instead of being split with interest first. This loan extra payment calculator shows exactly how much time and money you’d save by adding a set amount to each payment, or by making occasional lump-sum payments when extra cash comes in.
Loan Extra Payment Calculator
Calculate how additional payments toward your principal balance shave off interest and time.
Loan Balance Over Time: Original vs Extra Payments
The earlier in a loan you start making extra payments, the more you save, since more of your balance is still accruing interest in the early years. This applies whether you’re paying down a mortgage, an auto loan, or a personal loan — the math works the same way regardless of loan type, though the dollar impact is largest on loans with bigger balances and longer terms.
Before committing to extra payments, check your loan agreement for a prepayment penalty, since some lenders charge a fee for paying off early. If you want to see your full payment breakdown first, our loan amortization schedule calculator shows exactly how your current payments split between principal and interest, and if refinancing might get you to your goal faster, our mortgage refinance calculator and auto refinance calculator are worth checking too.