Extra Payment Calculator
See how much time and interest you save by making extra payments on a loan. Free loan extra payment calculator.
Frequently asked questions
- Where do extra payments go first?
- Straight to principal. That lowers the balance every future interest charge is based on, which is why the savings snowball.
- Does this work for any loan?
- Yes — mortgages, auto loans, student loans and personal loans all use the same amortization math. Check your lender does not charge a prepayment penalty.
- What about one lump sum instead of monthly?
- A single extra payment early in the loan has almost the same effect as spreading it over the first year of payments.
This tool runs entirely in your browser. No data is uploaded anywhere.