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Extra Payment Loan Calculator

See the payoff time and interest saved from extra payments.

Enter your values

ⓘ Live results

Results
New payoff time
3.8 years (46 months)
Time saved
1.2 years
Original total interest
$3,761.44
New total interest
$2,867.59
Interest saved
$893.85

Quick answer

Adding a fixed extra amount to every payment goes straight to principal, shortening the loan term and cutting total interest.

New payoff time solved from balance, rate and payment + extra

How to use the Extra Payment Loan Calculator

  1. 1Enter your loan balance, rate, and remaining term.
  2. 2Enter the extra amount you plan to add each month.
  3. 3See the new payoff time and total interest saved versus the original schedule.

Worked example

Using the values the calculator loads with:

Inputs

  • Loan balance20000 $
  • Interest rate7 % APR
  • Original term5 years
  • Extra payment per month100 $

Results

  • New payoff time3.8 years (46 months)
  • Time saved1.2 years
  • Original total interest$3,761.44
  • New total interest$2,867.59
  • Interest saved$893.85

Frequently asked questions

Should extra payments go to principal?

Yes — confirm with your lender that extra amounts are applied to principal, not future payments.

Is it better to invest the extra instead?

Compare your loan rate to expected investment returns; paying down a high-rate loan is a guaranteed return equal to that rate.

About this calculator

Results are estimates for general information. For medical, legal, structural or financial decisions, confirm with a qualified professional.