Extra Payment Calculator
See the impact of additional payments on your loans. Calculate interest savings and payoff acceleration.
Accelerate your payoff with extra payments
Extra payments go directly to principal on amortizing loans, reducing interest over the life of the loan and shortening time to payoff. This calculator models monthly, annual, or one‑time extra payments so you can see the months saved and total interest reduced.
Use it for mortgages, auto loans, or personal loans. If your APR is high, extra payments often provide a risk‑free “return” greater than conservative investments. If your rate is low and you have a strong emergency fund, weigh extra payments against investing more.
For a complete picture, compare with the Refinance Break‑even and Debt Payoff calculators.
FAQs
Do lenders penalize extra payments?
Most modern consumer loans don’t have prepayment penalties, but always check your loan agreement. If allowed, specify “apply to principal.”
Monthly vs. one‑time: which is better?
Earlier is better. A steady monthly extra typically saves more than the same amount paid once at the end of the year because interest accrues monthly.
Should I invest instead of paying extra?
Compare your loan APR to your expected investment return and risk tolerance. Paying extra on high‑APR debt is often the better guaranteed outcome.
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