Will my lender allow extra payments?

Most US lenders do. Some require you to specify “apply to principal.” A few have prepayment penalties—check your contract.

Should I pay extra every month or make a lump sum?

Paying extra every month reduces interest steadily. A lump sum also helps but is a one-time hit. Both beat doing nothing.

Does this assume I pay extra from day one?

Yes. If you’ve already made payments, the estimate is approximate. For an exact number, use your current balance and remaining term.

Can I use this for a mortgage?

Yes. Enter the loan amount, rate, and term (e.g. 360 for 30 years). Even $100–200 extra can save tens of thousands on a mortgage.

Can I use this for a car loan?

Yes. Enter your car loan amount, rate, and term. Extra payments cut interest on auto loans too—especially on longer terms like 72 months.

Extra Payment Calculator (2026) – See Savings Instantly

Currency

Loan Amount

Interest Rate (%)

Loan Term (months)

Extra Payment (per month)

Monthly Payment (base)

—

Payoff With Extra (months)

—

Interest Saved

—

Months Saved

—

Also: loan with down payment · interest breakdown · basic calculator

Estimate only. Check lender for prepayment rules. Home

How to use this loan calculator with extra payments

Enter your loan amount — The principal you borrowed (or plan to borrow).
Enter the interest rate and term — Use your lender’s APR and original term in months.
Enter extra payment per month — How much extra you’ll add to each payment (e.g. $50, $100). Use 0 to see the standard payoff.
Click Calculate — See how many months to payoff, interest saved, and months saved.

Example: $25,000 car loan with $100 extra per month

A $25,000 loan at 7% for 60 months has a base payment of about $495 and total interest of $4,700. Add $100 extra each month and you’d pay off in about 46 months instead of 60—saving roughly $1,100 in interest and 14 months of payments. Use the calculator above to see your own scenario.

Why extra payments save so much

Extra payments go straight to principal, reducing the balance faster. Less principal means less interest accrues each month. On a long-term loan like a mortgage, even small extra amounts can cut years off the term. Always confirm your lender applies extra payments to principal and doesn’t charge prepayment penalties.

For a down payment calculator, try loan calculator with down payment. For car-specific tools, see our car loan calculator or car loan with trade-in calculator.

Frequently asked questions

Will my lender allow extra payments?: Most US lenders do. Some require you to specify “apply to principal.” A few have prepayment penalties—check your contract.
Should I pay extra every month or make a lump sum?: Paying extra every month reduces interest steadily. A lump sum also helps but is a one-time hit. Both beat doing nothing.
Does this assume I pay extra from day one?: Yes. If you’ve already made payments, the estimate is approximate. For an exact number, use your current balance and remaining term.
Can I use this for a mortgage?: Yes. Enter the loan amount, rate, and term (e.g. 360 for 30 years). Even $100–200 extra can save tens of thousands on a mortgage. Use our mortgage calculator for the base payment first.
Can I use this for a car loan?: Yes. Enter your car loan amount, rate, and term. Extra payments cut interest on auto loans too—especially on longer terms like 72 months.

How to use this loan calculator with extra payments

Example: $25,000 car loan with $100 extra per month

Why extra payments save so much

Frequently asked questions

Related Calculators