Loan Amortization Extra Payment Calculator
Enter your loan details and an optional extra monthly payment amount to see how much time and interest you could save.
Months Saved With Extra Payments
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Original Monthly Payment ($)—
Original Payoff (months)—
New Payoff With Extra Payments (months)—
Total Interest Saved ($)—
About this calculator
See how making extra monthly payments on a loan changes your amortization schedule, shortens payoff time, and reduces total interest paid.
Frequently Asked Questions
How does an extra payment reduce total interest?
Extra payments go directly toward the principal balance, which reduces the amount of interest that accrues in future months, shortening the loan term.
Should I apply extra payments monthly or as a lump sum?
Consistent monthly extra payments tend to compound savings faster over time, but occasional lump sums also reduce principal and can significantly shorten a loan.
Does this work for mortgages and auto loans?
Yes, this amortization logic applies to any fixed-rate installment loan including mortgages, auto loans, and personal loans.