Extra loan payment calculator
Free browser-based loan and savings estimates. The interactive calculator requires JavaScript; explanations and examples are available below.
Read the guideFree browser-based loan and savings estimates. The interactive calculator requires JavaScript; explanations and examples are available below.
Read the guideSelect the loan type, enter the terms and test an extra monthly payment. The tool holds the loan terms constant and compares with-extra and no-extra schedules. The selected schedule can be exported as CSV. Payments are capped at the amount owed rather than including an unnecessary overpayment.
At 0% interest, extra principal can shorten repayment but does not save interest. HELOC extras start in repayment, not during the draw period. Business-loan extras can reduce the final balloon without changing the payoff month. If a no-extra credit card scenario cannot repay under the model’s limits, the valid selected scenario is shown without a savings claim.
On a hypothetical $25,000 loan at 8.5% for 60 months, adding $100 per month reduces the modeled payoff horizon from 60 to 49 months and saves $1,166.08 in interest. This excludes penalties and assumes extras are applied to principal after monthly interest. Check your lender’s rules and allocation practices.
Read our calculation methodology and limitations before relying on an estimate.
Educational estimates, not financial advice, loan offers or guaranteed returns.