Extra Loan Payment Calculator
Enter your balance, rate and remaining term, then an extra amount you could add each month. FetchCalc runs both schedules side by side so you can see the months and the interest that extra payment actually buys.
Method and copy last reviewed · How our calculations work
Your loan, and the extra you're considering
Everything runs in your browser. Nothing you type is sent anywhere.
Baseline vs paying extra
Interest you'd save
$976.17
Paying $597.98 instead of $497.98 clears the loan 1 yr sooner.
Baseline
- Payment
- $497.98
- Payoff
- Nov 2031
- Time to clear
- 5 yr 1 mo
- Total interest
- $4,879.09
With extra payments
- Payment
- $597.98
- Payoff
- Nov 2030
- Time to clear
- 4 yr 1 mo
- Total interest
- $3,902.92
Schedule with your extra payment
49 payments · final payment Nov 2030
| Year | Paid | Interest | Principal | Balance |
|---|---|---|---|---|
| 2026 | $1,195.96 | $299.38 | $896.58 | $24,103.42 |
| 2027 | $7,175.76 | $1,563.43 | $5,612.33 | $18,491.09 |
| 2028 | $7,175.76 | $1,142.76 | $6,033.00 | $12,458.09 |
| 2029 | $7,175.76 | $690.53 | $6,485.23 | $5,972.86 |
| 2030 | $6,179.68 | $206.82 | $5,972.86 | $0.00 |
Ask Fetch
Ask about your numbers
Fetch explains your results in plain English. Every number comes from re-running the calculator above, so the figures are exact — never generated.
How this calculator works
Two full amortization schedules are built from the same starting balance. The baseline uses the required payment P = B · r / (1 − (1 + r)⁻ⁿ). The second adds your extra amount to every payment and keeps going until the balance reaches zero, which usually happens well before the original final month.
The difference between the two totals is your interest saving, and the difference in the number of months is the time you buy back. At a 0% rate the balance simply divides by the payment, so extra money shortens the term without saving interest.
A worked example
A $25,000 balance at 7.25% over 60 months costs about $498 a month and roughly $4,900 in interest. Add $100 a month and the payment becomes $598, the loan clears about ten months early, and total interest falls by roughly $800.
The same $100 on a 30-year mortgage-sized balance saves far more, because there is much more future interest available to cancel.
Key considerations
Check for prepayment penalties before committing — they are rare on mortgages and personal loans in most markets, but not extinct.
Overpaying is irreversible in cash-flow terms: the money is in the loan, not in your savings. Many people keep a small buffer first, then overpay what is genuinely spare.
Frequently asked questions
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FetchCalc is an independent calculator and educational service. We are not a lender, broker, or financial adviser, and nothing here is financial advice. Estimates are for planning only; your actual offer and payment will come from your lender.