How much sooner, and how much saved.
| # | Payment | Principal | Interest | Balance |
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Every extra dollar goes straight at the principal, so the balance that interest is charged on shrinks faster than scheduled. Enter your loan above, then put a number in Extra payment /mo: the payoff time and the interest saved update instantly.
For scale: on a $25,000 loan at 6.5% over 5 years ($489.15/mo scheduled), an extra $100/mo pays it off 11 months sooner and saves $865.44 in interest; an extra $200/mo pays it off 19 months sooner and saves $1,439.13.
Two practical notes: make sure extra amounts are applied to principal (some lenders otherwise treat them as early next-month payments), and check your agreement for prepayment penalties; most consumer loans have none, but some personal loans do.
No. The scheduled payment stays the same; extra amounts shorten the tail of the loan. Your required payment only changes if the lender formally recasts or refinances the loan.
Dollar for dollar, sooner beats later, because principal removed early stops accruing interest for the longest time. A lump sum today saves more than the same total spread over the year, but regular extra payments are easier to sustain.
Paying a loan early is a guaranteed return equal to the loan's interest rate. Whether investing beats that depends on rates, risk, and taxes; this calculator shows the guaranteed side of that comparison. It is not financial advice.