Extra Payment Loan Calculator (Principal Reduction)
A small extra principal payment each month can eliminate years of debt. Calculate your interest savings and updated payoff date for any mortgage, auto loan, or personal loan.
How to Use Extra Payment Loan Calculator
Enter Current Loan Details
Enter current balance, interest rate, and remaining term.
Define Extra Payment
Choose extra monthly amount, extra annual payment, or a one-time lump sum.
View Payoff Acceleration
Inspect how many years and dollars in interest you save.
About Extra Payment Loan Calculator
Recalculates the amortization schedule each billing cycle, applying excess funds directly to the remaining principal balance before the next interest compounding period.
Supported Formats
Operational Limits
- •Assumes the lender allows fee-free prepayment toward principal balance.
Key Features
- Supports recurring monthly, recurring annual, and one-time lump-sum payments
- Calculates exact months and years saved on the loan term
- Calculates total lifetime interest savings in dollars
- Interactive comparison chart showing original vs new payoff curve
- Complete year-by-year amortization comparison table
Frequently Asked Questions
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