See how extra payments save you thousands in interest and years off your loan
Making extra payments on your loan is one of the most effective ways to save money. Even small additional amounts applied directly to your principal can dramatically reduce the total interest you pay over the life of the loan and shorten your repayment term by years.
For example, adding just $200/month extra to a $250,000 mortgage at 6.5% interest can save you over $70,000 in interest and pay off your loan 6 years early. The earlier you start making extra payments, the greater the impact thanks to the way compound interest works against you on a loan.
This calculator uses standard amortization math to compute your monthly payment, then simulates what happens when you add extra money each month. It shows you exactly how much interest you save, how many years you cut off the loan, and provides a full month-by-month amortization schedule so you can see the impact over time.