How to use the Extra Loan Payment Calculator
Enter the extra payment per month and the result appears straight away. Everything runs in your browser, so nothing you type is uploaded.
How it works
Calculated from the inputs shown in this tool.
Examples
- 250 extra a month
Extra annual principal: 3,000
- 100 extra a month
Extra annual principal: 1,200
- 600 extra a month
Extra annual principal: 7,200
Limitations and assumptions
Confirm assumptions, units and applicable local rules before relying on results. Detailed content, accessibility and edge-case review remains ongoing.
Frequently asked questions
Do extra payments really save interest?
Yes. Interest is charged on the balance, so a lower balance means less interest in every later month.
How should the extra payment be applied?
Ask the lender to apply it to principal rather than to the next instalment.
Is there a prepayment penalty?
Some loans have one. Check your terms.
How long until the loan is gone?
Use the loan payoff time calculator with your balance, payment and rate.