Extra Payment Calculator
Calculate how making extra monthly payments can reduce your loan payoff time and save interest over the life of the loan. This is useful for mortgages, auto loans, and personal loans.
How it works
This calculator compares the original loan repayment schedule with a faster schedule that includes an extra monthly payment.
Frequently Asked Questions
What does an extra payment do?
An extra payment reduces the loan balance faster, which lowers the amount of interest charged over time.
Can extra payments shorten the loan term?
Yes. Even a small additional monthly payment can reduce the number of months needed to pay off the loan.
Does this work for mortgages and auto loans?
Yes. This calculator is useful for mortgages, personal loans, car loans, and other fixed-payment loans.