Does extra payment go straight to principal?

This calculator assumes any extra amount is applied to principal (the common default) — confirm with your lender that extra payments aren’t applied to future payments instead, which wouldn’t shorten your loan the same way.

Loan Payoff Calculator

Loans & Debt

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

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 (%)

Original term (years)

I want to pay it off in (years)

Extra monthly payment needed

on top of the standard payment of

Interest saved vs. the original term: $0

How this is calculated

Compares the standard payoff timeline against paying the standard payment plus a fixed extra amount every month, recalculating the balance month by month until it reaches zero.

Frequently asked questions

Does extra payment go straight to principal?: This calculator assumes any extra amount is applied to principal (the common default) — confirm with your lender that extra payments aren’t applied to future payments instead, which wouldn’t shorten your loan the same way.

Extra Payment Calculator

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

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.