Extra Payments Calculator
Small extra payments toward principal add up. Enter what you could add each month or once a year and see how much sooner the loan is paid off and how much interest you keep.
Interest saved
$184,155
Paid off 5 yr 2 mo sooner.
- Principal43%
- Interest with extra payments46%
- Interest saved12%
- Regular monthly payment
- $4,410
- Payoff time without extra
- 30 years
- Payoff time with extra
- 24 yr 10 mo
- Months saved
- 62
- Total extra principal paid
- $89,294
- Interest without extra
- $907,768
- Interest with extra
- $723,614
Every extra dollar of principal saves about $2.06 in interest over the rest of the loan.
| Year | Principal | Extra | Interest | Balance | Balance without extra |
|---|---|---|---|---|---|
| 1 | $7,361 | $3,600 | $45,565 | $669,039 | $672,753 |
| 2 | $8,124 | $3,600 | $44,802 | $657,316 | $665,001 |
| 3 | $8,940 | $3,600 | $43,986 | $644,776 | $656,710 |
| 4 | $9,813 | $3,600 | $43,112 | $631,362 | $647,841 |
| 5 | $10,747 | $3,600 | $42,178 | $617,015 | $638,355 |
| 6 | $11,746 | $3,600 | $41,180 | $601,669 | $628,208 |
| 7 | $12,815 | $3,600 | $40,111 | $585,255 | $617,355 |
| 8 | $13,957 | $3,600 | $38,968 | $567,697 | $605,746 |
| 9 | $15,180 | $3,600 | $37,746 | $548,917 | $593,329 |
| 10 | $16,488 | $3,600 | $36,438 | $528,830 | $580,047 |
Estimates for illustration only, not a loan offer or a commitment to lend. Rates, taxes, insurance and program rules vary; our team will confirm exact figures for your situation.
How this calculator works.
If you have already been paying on the loan, the calculator first finds today's balance from the original loan, rate and years paid. Your regular payment stays the same as on the original schedule.
Each month interest is charged on the balance, your regular payment covers it, and the extra amount goes straight to principal. A yearly lump sum is applied every twelfth month. A lower balance means less interest the next month, which compounds into real savings.
The result compares the loan with and without the extra payments from today forward: the months saved, the new remaining payoff time and the interest you avoid.
Each month: interest = balance × (rate ÷ 12); balance falls by (payment − interest) + extra principal.
Common questions.
Turn the estimateinto real numbers.
Answer a few questions and our team will price your scenario with current rates and the right program.
Prefer to talk? (949) 774-9599