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Extra Payment Calculator

See how extra monthly payments shorten a loan, mortgage or credit card and how much interest you save.

Enter values

Results update as you type.

Result

Interest saved

$64,927.88

Time saved

5 yr 6 mo

New payoff time
19 yr 6 mo
Regular payment
$1,688.02
Interest without extra
$256,405.37
Interest with extra
$191,477.49

Amortization schedule (yearly)

PeriodPrincipal paidInterest paidBalance
Year 16,600.5516,055.66243,399.45
Year 27,042.6115,613.61236,356.84
Year 37,514.2615,141.95228,842.58
Year 48,017.5114,638.71220,825.07
Year 58,554.4514,101.76212,270.62
Year 69,127.3613,528.85203,143.25
Year 79,738.6412,917.58193,404.62
Year 810,390.8512,265.36183,013.76
Year 911,086.7511,569.47171,927.02
Year 1011,829.2510,826.97160,097.77
Year 1112,621.4710,034.74147,476.29
Year 1213,466.769,189.46134,009.54
Year 1314,368.658,287.56119,640.89
Year 1415,330.957,325.27104,309.94
Year 1516,357.696,298.5387,952.25
Year 1617,453.195,203.0270,499.06
Year 1718,622.074,034.1551,876.99
Year 1819,869.222,78732,007.77
Year 1921,199.91,456.3210,807.87
Year 2010,807.87201.530

About the Extra Payment Calculator

See how extra monthly payments shorten a loan, mortgage or credit card and how much interest you save.

Also known as: prepayment calculator, pay off loan early, mortgage overpayment, additional principal payment.

How to use this calculator

  1. Enter current balance, interest rate, remaining term, extra per month.
  2. The result updates instantly as you type — press Calculate (or Enter) at any time.
  3. Review the breakdown shown under the main result.
  4. Use Copy result or Share to save the answer or send a link with your inputs.

Formula

Extra goes straight to principal, cutting future interest

Worked example

Using the values pre-filled in the calculator above:

  • Current balance = 250,000
  • Interest rate = 6.5 %
  • Remaining term = 25 years
  • Extra per month = 200

the calculator returns:

  • Interest saved: 64,927.88
  • Time saved: 5 yr 6 mo
  • New payoff time: 19 yr 6 mo
  • Regular payment: 1,688.02