Extra Loan Payment Calculator
Estimate how extra monthly payments may reduce loan interest and repayment time.
Enter your details
Your result
Regular monthly payment
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New payoff period
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Estimated interest saved
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Estimated time saved
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Enter your assumptions to see a short result summary.
Calculation notes
The default remaining term is 10 years. You can enter a shorter or longer term.
Loan balance projection
Compare the estimated remaining balance with and without the extra monthly payment.
Regular payment
With extra payment
| Year | Regular Balance | Extra-Payment Balance | Balance Difference |
|---|
How extra payments work
- The regular payment is calculated from the current balance, rate and remaining term.
- The extra amount is added to the regular monthly payment.
- More principal is repaid earlier, which can reduce later interest and shorten the payoff period.
Frequently asked questions
What does Balance Difference mean?
It shows how much lower the estimated outstanding balance is when the extra monthly payment is used.
Can I display more than 10 years?
Yes. Ten years is only the default display period. Enter another number to view a different period.
Disclaimer
For general informational and educational purposes only. Actual results may vary.