Free calculator
Extra Payment Calculator
This extra payment calculator compares a scheduled loan with the same loan plus an added monthly amount, showing the months and interest you save.
The lowest rates are only available to the most qualified applicants.
Advertising disclosure: Loancalculated may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. Read the full disclosure.
Enter your numbers and press Calculate. Nothing you type leaves your browser.
The lowest rates are only available to the most qualified applicants.
Advertising disclosure: Loancalculated may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. Read the full disclosure.
How this calculator works
Adding to your monthly payment sends the surplus straight to principal, which lowers the balance and the interest charged next month.
Scheduled payment: Payment = P × i ÷ (1 − (1 + i)−n).
With an extra amount E, the payment becomes payment + E and the balance is amortized until it reaches zero.
- P — the amount borrowed
- i — the monthly rate (annual rate ÷ 1,200)
- n — the scheduled number of payments
- E — the extra you add each month
Interest saved is the scheduled interest minus the interest actually paid. If the combined payment cannot cover the monthly interest, the balance never falls.