Extra Payment Calculator
Determine how much time and interest money you can save by making extra monthly principal payments, interactive charts, and user insights.
Extra Payment Details
Amount added directly to principal reduction each month.
In Brief
Adding $200/mo extra payment to a $200,000 loan at 6.50% saves $65,492 in total interest and shortens loan term by 6 years, 7 months.
Interest Savings Comparison
Standard schedule vs Accelerated extra payment schedule
User Insights
Smart analysis of your current calculation
Interest represents 45.2% of your total out-of-pocket repayment.
Adding an extra monthly contribution accelerates principal payoff and cuts total financing costs.
Your extra $200 monthly contribution reduces lifetime interest paid down to 42.7% of repayment outlay.
Amortization Schedule
Detailed monthly payment breakdown over the loan duration.
| # | Date | Principal | Interest | Extra | Total Payment | Remaining Balance |
|---|---|---|---|---|---|---|
| Adjust inputs to view your schedule breakdown. | ||||||
The Power of Extra Principal Payments
Interest on amortized loans is calculated monthly based on the outstanding principal balance. By making extra payments designated for principal reduction, you reduce the balance faster, lowering interest accumulation for every remaining month of the loan.