Extra Payment Calculator
One lump sum or a bit every month — see the interest saved and the months removed.
The loan
Illustrative
Principal and interest, calculated from the loan above
Paying extra
Applied every twelfth payment
Counted from the first payment
Balance, with and without the extra
The accelerated line is dashed as well as differently coloured, so the two are distinguishable without relying on colour.
Interest saved
$133,618
Whether this beats another use of the money is a personal question — this only shows the size of the effect.
The accelerated schedule
Every payment with your extra applied, year-wise or month-wise.
284 payments · $250/mo extra applied · principal overtakes interest at payment 156
| Period | Paid | Principal | Interest | Interest to date | Balance |
|---|---|---|---|---|---|
| Year 1 | $34,856.23 | $7,785.46 | $27,070.77 | $27,071 | $412,215 |
| Year 2 | $34,856.23 | $8,306.86 | $26,549.37 | $53,620 | $403,908 |
| Year 3 | $34,856.23 | $8,863.19 | $25,993.04 | $79,613 | $395,044 |
| Year 4 | $34,856.23 | $9,456.77 | $25,399.46 | $105,013 | $385,588 |
| Year 5 | $34,856.23 | $10,090.11 | $24,766.12 | $129,779 | $375,498 |
| Year 6 | $34,856.23 | $10,765.86 | $24,090.37 | $153,869 | $364,732 |
| Year 7 | $34,856.23 | $11,486.87 | $23,369.36 | $177,238 | $353,245 |
| Year 8 | $34,856.23 | $12,256.17 | $22,600.06 | $199,839 | $340,989 |
| Year 9 | $34,856.23 | $13,076.99 | $21,779.24 | $221,618 | $327,912 |
| Year 10 | $34,856.23 | $13,952.78 | $20,903.45 | $242,521 | $313,959 |
| Year 11 | $34,856.23 | $14,887.22 | $19,969.01 | $262,490 | $299,072 |
| Year 12 | $34,856.23 | $15,884.25 | $18,971.98 | $281,462 | $283,187 |
| Year 13 | $34,856.23 | $16,948.04 | $17,908.18 | $299,370 | $266,239 |
| Year 14 | $34,856.23 | $18,083.09 | $16,773.14 | $316,144 | $248,156 |
| Year 15 | $34,856.23 | $19,294.14 | $15,562.09 | $331,706 | $228,862 |
| Year 16 | $34,856.23 | $20,586.31 | $14,269.92 | $345,976 | $208,276 |
| Year 17 | $34,856.23 | $21,965.01 | $12,891.22 | $358,867 | $186,311 |
| Year 18 | $34,856.23 | $23,436.05 | $11,420.18 | $370,287 | $162,875 |
| Year 19 | $34,856.23 | $25,005.60 | $9,850.62 | $380,138 | $137,869 |
| Year 20 | $34,856.23 | $26,680.28 | $8,175.95 | $388,314 | $111,189 |
| Year 21 | $34,856.23 | $28,467.10 | $6,389.13 | $394,703 | $82,722 |
| Year 22 | $34,856.23 | $30,373.60 | $4,482.63 | $399,185 | $52,348 |
| Year 23 | $34,856.23 | $32,407.77 | $2,448.45 | $401,634 | $19,940 |
| Year 24 | $20,375.78 | $19,940.48 | $435.30 | $402,069 | $0 |
What this calculation assumes
- Extra payments go entirely against principal in the month they are made.
- No prepayment penalty — check your note, a few programmes still carry one.
- The rate is fixed for the whole term and payments arrive on schedule.
- Taxes, insurance and mortgage insurance are outside this calculation.
Every rate, fee and premium on this page is illustrative and set by you, not quoted by us. Nothing here is an offer of credit or a commitment to lend.
Every input you change is written into the address of this page, so the link you copy reopens the calculator exactly as you left it.
Is paying extra worth it?
Every extra dollar goes straight against principal, so it stops earning interest for the lender for the rest of the term. The saving is largest early in the loan. Whether that beats another use of the money is a personal question — this only tells you the size of the effect.
More guides in the learning centerNumbers are a starting point.
Bring yours to a loan officer and we will tell you which parts hold up and which ones move.
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