Amortization Calculator with Extra Payments
See how paying extra each month accelerates your loan payoff and cuts total interest. Enter your loan and an extra monthly amount to compare.
| Year | Principal | Interest | Paid | Balance |
|---|---|---|---|---|
| 1 | $2,794 | $16,168 | $18,962 | $247,206 |
| 2 | $2,981 | $15,981 | $18,962 | $244,224 |
| 3 | $3,181 | $15,781 | $18,962 | $241,043 |
| 4 | $3,394 | $15,568 | $18,962 | $237,649 |
| 5 | $3,621 | $15,341 | $18,962 | $234,027 |
| 6 | $3,864 | $15,098 | $18,962 | $230,163 |
| 7 | $4,123 | $14,839 | $18,962 | $226,041 |
| 8 | $4,399 | $14,563 | $18,962 | $221,642 |
| 9 | $4,694 | $14,269 | $18,962 | $216,948 |
| 10 | $5,008 | $13,954 | $18,962 | $211,940 |
| 11 | $5,343 | $13,619 | $18,962 | $206,597 |
| 12 | $5,701 | $13,261 | $18,962 | $200,896 |
| 13 | $6,083 | $12,879 | $18,962 | $194,813 |
| 14 | $6,490 | $12,472 | $18,962 | $188,323 |
| 15 | $6,925 | $12,037 | $18,962 | $181,398 |
| 16 | $7,389 | $11,573 | $18,962 | $174,009 |
| 17 | $7,884 | $11,078 | $18,962 | $166,126 |
| 18 | $8,412 | $10,551 | $18,962 | $157,714 |
| 19 | $8,975 | $9,987 | $18,962 | $148,739 |
| 20 | $9,576 | $9,386 | $18,962 | $139,163 |
| 21 | $10,217 | $8,745 | $18,962 | $128,946 |
| 22 | $10,902 | $8,061 | $18,962 | $118,045 |
| 23 | $11,632 | $7,330 | $18,962 | $106,413 |
| 24 | $12,411 | $6,551 | $18,962 | $94,002 |
| 25 | $13,242 | $5,720 | $18,962 | $80,761 |
| 26 | $14,129 | $4,833 | $18,962 | $66,632 |
| 27 | $15,075 | $3,887 | $18,962 | $51,557 |
| 28 | $16,084 | $2,878 | $18,962 | $35,473 |
| 29 | $17,162 | $1,800 | $18,962 | $18,311 |
| 30 | $18,311 | $651 | $18,962 | $0 |
Showing 30 years. Figures are estimates and assume a fixed rate.
How to use this calculator
Enter your loan amount, interest rate, and term, then add an extra monthly payment. The calculator instantly shows your new payoff time, the interest you save, and a full amortization schedule reflecting the extra payments.
Why extra payments are so powerful
On an amortizing loan, early payments are mostly interest because the balance is large. Adding extra to principal early shrinks that balance sooner, so less interest accrues every month afterward — and the savings compound over the life of the loan.
Worked example
On a $250,000 loan at 6.5% over 30 years, adding just $200 a month to principal pays the loan off several years early and saves tens of thousands in interest. Try it above, then use “Copy shareable link” to save or send your scenario.
The math
Each month: interest = balance × monthly rate; principal reduction = regular payment − interest + your extra; balance falls until it reaches zero, ending the loan early.
Frequently asked questions
How do extra payments affect my loan?
Every extra dollar goes straight to principal, so interest is charged on a smaller balance for the rest of the loan. Even a modest extra amount each month can shave years off the term and save thousands in interest.
How much will I save with extra payments?
It depends on your balance, rate, and how much extra you pay. Enter an extra monthly amount above and the calculator shows your new payoff date and exactly how much interest you save.
Is it better to pay extra monthly or make one lump sum?
Both help. Consistent extra monthly payments are easy to budget and start saving interest immediately. A lump sum toward principal also works — the key is that the extra is applied to principal, not future payments.
Should I check with my lender first?
Yes. Make sure extra payments are applied to principal (not held as prepaid interest or future installments) and that there's no prepayment penalty. Most modern mortgages have none.