Early Loan Payoff Calculator : Extra Payments & Interest Savings
Paying even a little extra each month directly pays down principal balance. Discover how many months you can shave off your loan term and how much lifetime interest you will save.
Interactive Calculator
100% Client-Side EngineStep-by-Step Examples
$150,000 Mortgage for 25 Years at 6% with $200 Extra/Month
Extra mortgage monthly payment.
Adding $200/month cuts over 7 years off the mortgage and saves almost $45,000 in interest.
How to Use This Tool
- Enter current loan principal balance.
- Enter annual interest rate (APR).
- Enter original loan term in years.
- Specify extra monthly payment amount or one-time lump sum.
- Calculate months saved, years saved, and total interest dollars saved.
Frequently Asked Questions
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