See how recurring extra principal and a one-time lump sum can shorten a loan and reduce total interest.
The sample values are calculated automatically. Enter your own information for a new estimate.
These calculators provide mathematical estimates for education and planning. Loan agreements, lender practices, fees, taxes, payment dates, and rounding can change actual results.
How the calculation works
Extra principal has a compounding benefit on a loan: the balance falls sooner, so every later interest calculation starts from a smaller amount.
A one-time payment made early usually saves more interest than the same payment made late because it affects more remaining periods.
Confirm that the lender applies extra funds to principal and does not merely advance the next due date.
Use the free online amortization calculator to view every payment, annual totals, charts, extra payments, rate changes, and balloon dates.
Open the free schedule calculatorAmortization Pro lets you edit individual payment rows, save and retrieve loans, export CSV files, and print complete reports. One-time price: $25.
Download Amortization ProYes, when the goal is faster payoff. Confirm the payment instruction and review the next statement.
Usually the required payment stays the same on a fixed-rate loan unless the loan is formally recast.
The earlier principal is reduced, the more interest is usually saved. Compare the timing and amount with the calculator.