Extra Payment Calculator
Paying a little extra each month can save years of interest. See your savings instantly.
Frequently asked questions
Is it better to pay extra monthly or yearly?
Monthly extra payments save slightly more because the balance drops sooner, reducing accrued interest. The difference is small but real.
Should I refinance instead?
If current rates are much lower than your loan's, refinancing may beat extra payments. Compare both before deciding.
What if I pay a one-time lump sum?
This tool models a recurring monthly extra. For a one-time lump sum, apply it as principal reduction and re-amortize — your lender can quote the new schedule.