Is a one-time extra payment the same as a recurring one?

No — this calculator models a recurring extra payment every month. A single one-time extra payment still helps, but saves much less time and interest than committing to the same extra amount every month.

Extra Payment Calculator

Loans & Debt

See exactly how much time and interest an extra monthly payment saves on any loan.

Display currency

Changing the display currency only changes the symbol shown — amounts aren't converted, since this tool doesn't use live exchange rates.

Loan amount

Interest rate (%)

Term (years)

Extra payment per month

New payoff time

—

vs. original

Time saved: —

Interest saved: $0

How this is calculated

Recalculates the loan’s payoff month by month with the standard payment plus your extra amount added to principal every month, then compares the new payoff time and total interest to the original schedule.

Frequently asked questions

Is a one-time extra payment the same as a recurring one?: No — this calculator models a recurring extra payment every month. A single one-time extra payment still helps, but saves much less time and interest than committing to the same extra amount every month.

Loan Payoff Calculator

See how much sooner a loan is paid off — and how much interest you save — with extra payments.

Loan Calculator

Calculate the monthly payment and full amortization schedule for any fixed-rate loan.

Loan Interest Calculator

See exactly how much total interest you’ll pay over the life of a loan.