Amortization Schedule Extra Principal Payoff Timeline
Enter your loan details and an optional extra monthly payment to see how much time and interest you can save through accelerated payoff.
Months Saved
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Original Term (months)—
New Term With Extra Payments (months)—
Original Total Interest ($)—
New Total Interest ($)—
Total Interest Saved ($)—
About this calculator
Build a month-by-month amortization projection showing how a fixed extra monthly principal payment shortens your loan term and cuts total interest.
Frequently Asked Questions
How does extra principal payment reduce my loan term?
Every extra dollar applied to principal reduces the balance that future interest is calculated on, causing the loan to pay off earlier than the original schedule.
Is it better to pay extra monthly or make a lump sum?
Both reduce principal, but consistent monthly extra payments compound the savings faster over time since the reduced balance affects every subsequent month's interest.
Does this calculator account for changing interest rates?
No, it assumes a fixed interest rate for the remaining term, which works well for fixed-rate mortgages and loans.