Extra payment calculator
Enter the balance you owe now, the rate, the payment and the extra you could add each month.
- Interest saved
- $624.34
- Paid off in
- 2 years 3 months
- Instead of
- 3 years
- Interest with extra
- $1,679.63
- Interest without
- $2,303.97
How the savings are counted
The calculator repeats what a simple-interest lender does each month: it charges interest on the balance, applies your payment and any extra to it, and starts again with the lower balance. Extra money goes straight to principal, so every later month has less interest. With a $10,000 balance at 14% and a payment of $341.78, adding $100 a month ends the loan in 2 years 3 months instead of 3 years and saves $624.34.
Before you pay extra, check two things in the agreement: that the loan has no prepayment penalty, and that the lender applies extra money to principal rather than holding it for the next payment. Some lenders need you to say so in writing or in the payment portal.