Extra Payment Calculator
See how extra payments reduce your payoff time and save interest
How Extra Payments Save You Money
Making extra payments — whether monthly or as a lump sum — directly reduces your loan principal. Since interest is calculated on the remaining balance, a lower balance means less interest in every future month. Even small extra payments can save thousands in interest and shave years off your loan.
Loan Details
Extra Payments
Track your extra payments
Sign up to record extra payments and see your updated amortization schedule in real-time.
Start FreeOriginal Term
60 mo
New Term
41 mo
Original Interest
$5,056.98
Interest Saved
$1,683.26
Total Savings
$1,683.26
Pay off 19 months early
Balance Comparison
Extra payment FAQ
Should I make extra payments on my loan?+
If your loan has no prepayment penalties, extra payments almost always save you money by reducing the total interest paid. The higher your interest rate, the more you save by paying extra.
What happens when I make a larger monthly payment?+
The extra amount beyond your regular payment goes directly to reducing your principal balance. This means future interest charges are calculated on a lower balance, compounding your savings over time.
Is it better to make one large extra payment or small monthly extras?+
Both approaches save money. A lump sum payment earlier in the loan term will save more interest because it reduces the balance sooner. However, consistent monthly extras are easier to budget and also produce significant savings.