Loan Calculator with Extra Payments
Calculate how extra payments can save you thousands in interest and reduce your loan payoff time. Perfect for mortgages, car loans, and personal loans.
Extra Payment Benefits
See how additional payments transform your loan repayment strategy
Interest Savings
Calculate exactly how much interest you'll save by making extra payments. See the impact of different extra payment amounts on your total loan cost.
Payoff Timeline
See how extra payments reduce your loan term by months or years. Compare different payment scenarios to find the best strategy.
Payment Strategies
Compare one-time lump sum payments vs. regular extra payments. Find the optimal payment strategy for your budget and goals.
How Extra Payments Work
Understand the impact of additional payments on your loan
Enter Loan Details
Input your loan amount, interest rate, and term. This creates your baseline payment schedule without extra payments.
Add Extra Payments
Specify extra payment amounts - either monthly recurring payments or one-time lump sum payments at specific intervals.
See the Impact
Compare side-by-side results showing interest savings, payoff time reduction, and total cost with and without extra payments.
Common Extra Payment Scenarios
Real-world examples of extra payment strategies
Mortgage Extra Payments
Example: $300,000 Mortgage
- • $200 extra monthly = 6 years earlier payoff
- • $500 extra monthly = 9 years earlier payoff
- • $10,000 annual bonus = 8 years earlier payoff
- • Total interest savings: $50,000-$80,000
Auto Loan Extra Payments
Example: $25,000 Car Loan
- • $50 extra monthly = 1 year earlier payoff
- • $100 extra monthly = 1.5 years earlier payoff
- • $2,000 tax refund payment = 8 months earlier
- • Total interest savings: $800-$1,200
Extra Payment Strategies
Smart approaches to maximize your extra payment impact
Payment Timing
- •Start extra payments early for maximum impact
- •Consistent monthly payments vs. lump sums
- •Use tax refunds and bonuses strategically
- •Coordinate extra payments with pay raises
Financial Planning
- •Balance extra payments with emergency savings
- •Consider high-interest debt first
- •Check for prepayment penalties
- •Track progress and adjust as needed
Start Saving on Your Loan Today
Use our free loan calculator with extra payments to see how much you can save and how fast you can pay off your loan.
Calculate Extra Payment Savings