Amortized Loan Extra Payment Payoff Calculator
Enter your loan details and an optional extra monthly payment amount to see exactly how much time and interest you can save compared to making only the standard scheduled payment, based on a full month-by-month amortization simulation.
About this calculator
See how adding extra monthly payments to a loan changes your full amortization schedule, total interest paid, and payoff date compared to standard payments.
Frequently Asked Questions
How does this calculator work?
It runs a month-by-month amortization simulation both with and without your extra payment, tracking the declining balance and interest accrued to compare the two scenarios precisely.
Does making extra payments always save money?
Yes, as long as the extra amount is applied directly to principal and there are no prepayment penalties, extra payments reduce the balance faster and cut total interest paid over the life of the loan.
Should I check for prepayment penalties before doing this?
Yes, some loans charge a fee for paying off early or making extra principal payments, so it's worth confirming your loan terms allow penalty-free extra payments.