Extra Payment Loan Calculator
See the payoff time and interest saved from extra payments.
Enter your values
Enter the loan balance in $.
Enter the interest rate in % APR.
Enter the original term in years.
Enter the extra payment per month in $.
Results update instantly as you type — no submit needed. Your values are remembered on this device, and the shareable link reopens the calculator with exactly these numbers.
- New payoff time
- 3.8 years (46 months)
- Time saved
- 1.2 years
- Original total interest
- $3,761.44
- New total interest
- $2,867.59
- Interest saved
- $893.85
Quick answer
Adding a fixed extra amount to every payment goes straight to principal, shortening the loan term and cutting total interest.
New payoff time solved from balance, rate and payment + extra
At a glance
| What it does | See the payoff time and interest saved from extra payments. |
|---|---|
| Category | Finance |
| Inputs needed | Loan balance, Interest rate, Original term, Extra payment per month |
| Main output | New payoff time |
| Formula | New payoff time solved from balance, rate and payment + extra |
| Cost | Free — no sign-up, no download |
How to use the Extra Payment Loan Calculator
- 1Enter your loan balance, rate, and remaining term.
- 2Enter the extra amount you plan to add each month.
- 3See the new payoff time and total interest saved versus the original schedule.
Inputs explained
- Loan balance($)
- Enter the loan balance in $.
- Interest rate(% APR)
- Enter the interest rate in % APR.
- Original term(years)
- Enter the original term in years.
- Extra payment per month($)
- Enter the extra payment per month in $.
Worked example
Using the values the calculator loads with:
Inputs
- Loan balance20000 $
- Interest rate7 % APR
- Original term5 years
- Extra payment per month100 $
Results
- New payoff time3.8 years (46 months)
- Time saved1.2 years
- Original total interest$3,761.44
- New total interest$2,867.59
- Interest saved$893.85
Frequently asked questions
Should extra payments go to principal?
Yes — confirm with your lender that extra amounts are applied to principal, not future payments.
Is it better to invest the extra instead?
Compare your loan rate to expected investment returns; paying down a high-rate loan is a guaranteed return equal to that rate.
What do I need to enter into the Extra Payment Loan Calculator?
Just 4 values: loan balance, interest rate, original term, extra payment per month. Every field starts with a realistic example, so you can change one number at a time and watch the result update instantly.
How does the Extra Payment Loan Calculator work out the answer?
Adding a fixed extra amount to every payment goes straight to principal, shortening the loan term and cutting total interest. It applies the formula New payoff time solved from balance, rate and payment + extra and shows the working so you can check each step by hand.
Is the Extra Payment Loan Calculator free, and do I need an account?
It is completely free with no sign-up, no download and no usage limit. Everything is calculated in your browser, so the numbers you type never leave your device.
Results are estimates for general information. For medical, legal, structural or financial decisions, confirm with a qualified professional.