Extra Payment Calculator
See how recurring and one-time extra principal payments change your payoff date and total interest.
Extra Payment Calculator
See how recurring and one-time extra principal payments change your payoff date and total interest.
Extra payments reduce principal only. The required monthly principal and interest does not change.
This calculator is for informational and illustrative purposes only and does not constitute a loan approval, commitment to lend, or quote. Actual payments, rates, taxes, insurance, HOA fees and loan terms may vary.
What this calculator shows
It shows what may change if you pay extra toward your loan balance (the principal): how much sooner the loan could be paid off and how much less interest you could pay overall. You can try monthly, yearly or one-time extra payments.
Results are estimates. Before paying extra, ask your lender or loan servicer (the company that collects your monthly payment) how extra payments are applied and whether there is a prepayment penalty.