Amortization Extra Payment Payoff Calculator
Adding even a small extra amount to your monthly loan payment can shave years off your payoff timeline and save thousands in interest. This calculator runs a month-by-month amortization simulation comparing your original schedule to one with extra payments applied directly to principal.
About this calculator
See exactly how much time and interest you save by adding extra monthly payments to a loan, with a full month-by-month amortization simulation.
Frequently Asked Questions
How does extra payment reduce interest?
Extra payments go directly toward principal, which reduces the balance that interest accrues on each month, shrinking both future interest charges and the total loan term.
Should I apply extra payments every month or as lump sums?
This calculator assumes consistent monthly extra payments. Occasional lump sums also help but produce different results depending on timing.
Does this account for fees or prepayment penalties?
No. Check your loan terms for prepayment penalties before making extra payments, as some loans charge fees for early payoff.