Extra Payment Calculator
Months to payoff: 100
Interest saved: 4166.666666666666
Frequently Asked Questions
What is a typical loan extra payment?
Most people pay 1-5% of their loan balance as an extra payment. You can enter any amount to see the impact on your payoff timeline and interest saved.
Why do extra payments save so much interest?
Extra payments reduce your principal balance faster, which means less interest accrues over time. Even small extra payments can save thousands in interest.
Is it better to pay extra on loan or invest?
It depends on your loan interest rate vs. potential investment returns. If your loan APR is higher than expected investment returns, focus on debt repayment.
How much faster will I pay off my loan with extra payments?
This calculator shows you exactly how much faster you'll pay off your loan and how much interest you'll save with different extra payment amounts.
Track Your Payoff in the Free App
Use the DebtClear app to log payments, track your real balance, and get monthly reminders. See how every extra payment moves your debt-free date closer.
DebtClear App
Track your payoff plan in the DebtClear app
Free on Android — iOS coming soon