Extra Payment Calculator

An extra payment calculator helps estimate how making additional loan payments may reduce the loan term and total interest paid.

This extra payment calculator is designed for borrowers in the United States who want to explore how extra monthly payments can impact their mortgage or loan. The calculator provides estimated results using standard loan formulas.

Making extra payments toward a loan may help pay it off sooner and reduce long-term interest costs. This tool allows users to test different extra payment scenarios.

This extra payment calculator shows how making additional monthly payments can reduce your loan term and save interest over time. All results are estimates and provided for informational purposes only.

How This Extra Payment Calculator Works?

This calculator estimates how additional payments affect a loan by recalculating the remaining balance after each payment. It compares the standard loan term with a scenario that includes extra payments.

The results show estimated reductions in loan duration and interest paid. The calculations include principal and interest only and do not account for taxes or fees.

Actual loan results may vary depending on lender policies and payment application methods.

Example Extra Payment Scenario

For example, adding an extra $200 per month to a standard mortgage payment may shorten the loan term by several years and reduce total interest paid.

This example illustrates how even small additional payments can have a significant impact over time.

Frequently Asked Questions

Do extra payments always reduce interest?

In most cases, extra payments reduce the principal balance, which can lower interest over time.

Does this calculator include fees?

No. Fees and penalties are not included.

Is this extra payment calculator free?

Yes. This calculator is free to use.

Disclaimer: This extra payment calculator provides estimates for informational purposes only and should not be considered financial advice.