Calculator
Extra Payment Calculator
See how much interest extra payments save.
Every extra dollar toward principal skips future interest on that dollar for the rest of the loan. This calculator shows lifetime savings and how much sooner you'd pay off — from a monthly extra or a one-time lump sum.
- Compare monthly extra payments vs. a lump sum
- See lifetime interest saved and months shaved off the loan
- No refinance required — works on your current rate
Frequently asked
How much does one extra payment a year save?
On a typical 30-year loan, one extra monthly payment per year often cuts four to six years off the term and saves tens of thousands in interest. The exact number depends on your balance and rate.
Should I prepay or invest instead?
At 6% or higher, prepaying is a guaranteed return that's hard to beat. Below 4%, keeping flexibility in savings may beat the interest you'd save.