📊 Loan Information
💰 Results Summary
Calculating your savings...
Extra Payment Calculator
Calculate how extra payments can save you thousands in interest and pay off your loan faster
📈 Payment Comparison
🎯 Extra Payment Strategies
📅 Monthly Extra Payments
- Consistent savings over time
- Easy to budget and automate
- Maximum interest reduction
- Predictable payoff timeline
💰 Yearly Lump Sum
- Use tax refunds or bonuses
- Flexibility in payment timing
- Good for irregular income
- Still significant savings
🎯 One-time Payment
- Use inheritance or windfalls
- Immediate principal reduction
- No long-term commitment
- Target high-interest periods
⚡ Biweekly Payments
- 26 half-payments = 13 full payments
- Matches payroll schedules
- Extra payment built-in
- Faster loan payoff
💡 Pro Tips for Extra Payments
🎯 Start Early
Extra payments in the first few years have the biggest impact on interest savings.
📊 Check with Lender
Ensure there are no prepayment penalties on your loan before making extra payments.
💰 Specify Principal
Always specify that extra payments should be applied to principal, not future interest.
🔄 Stay Consistent
Even small extra payments add up over time. Automate if possible.
📋 Amortization Schedule
| Payment | Date | Payment | Principal | Interest | Extra Payment | Balance |
|---|