Enter your loan details and an extra monthly amount to see exactly how much interest you save and how much sooner you'll be free of debt. A comparison table shows the impact at $50, $100, $200, and $500 extra per month.
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How different extra payment amounts affect your loan:
| Extra / Month | Interest Saved | Time Saved | Payoff Date |
|---|
When you pay more than your required monthly amount, the extra goes straight to your principal. A smaller balance means less interest is charged every month afterward — and because that effect compounds, even small, regular extra payments can save a surprising amount and clear the loan early.
This calculator compares your normal schedule against the same loan with your extra payments added, showing the interest saved and how much sooner you'd be debt-free. (Paying extra like this is also known as overpaying your loan.)
Estimates only, and not financial advice. Figures assume a fixed interest rate — always check your loan or card agreement for the exact terms.
Every extra payment reduces your principal, so less interest is charged from then on. The saving compounds over the remaining term, which is why consistent extra payments can cut both your total interest and your payoff date.
A rule of thumb: paying extra gives a guaranteed return equal to your loan's interest rate. If that rate is higher than what you'd earn in savings after tax, paying extra usually wins — though keeping some emergency cash first is wise.
Some do. Many loans allow penalty-free extra payments up to a limit, but others — especially fixed-rate deals — may apply an early-repayment charge. Check your agreement before making large extra payments.
Both cut total interest. Shortening the term locks in a higher required payment; regular extra payments achieve a similar result while keeping the flexibility to pause if money gets tight.