Extra Payment Calculator

Enter the loan amount, annual rate and original term, then the extra amount you can add each month. The calculator shows the scheduled payment, how many months you need with the extra, and how much interest you avoid.

• Scheduled payment — the required principal-and-interest payment with no extra.
• Extra monthly payment — additional dollars applied to principal after interest is covered.
• Months saved — original term in months minus the months it takes with extras.
• Interest saved — interest on the original schedule minus interest with extras.

A $10,000 loan at 6% for 5 years with an extra $50 per month:

• Scheduled payment is about $193.
• With $50 extra you pay about $243 each month.
• You finish in fewer than 60 months and keep a meaningful amount of interest.

Even a modest extra payment compounds because every dollar of principal you retire early never accrues interest again.

• Payoff with extra — months until the balance hits zero at the higher payment.
• Months saved — time you no longer spend making payments.
• Interest saved — the cash difference versus paying only the scheduled amount for the full term.

• CFPB — Prepayment penalties
• Investopedia — Amortization