See how much time and interest you can save by paying extra each month on a fixed-rate loan, such as a mortgage, car loan or personal loan.
| Time saved | – |
| Original monthly payment | – |
| New total payment each month | – |
| Interest saved | – |
How it works
The calculator first works out your normal monthly payment and total interest using the standard loan formula. It then simulates paying that amount plus your extra payment every month, reducing the balance faster, and compares the new total interest with the original to show how much you save and how much sooner the loan is paid off.
Example
On a 200,000 balance at 6.5% with 25 years left, paying an extra 150 a month can save tens of thousands in interest and cut several years off the loan — enter your own numbers to see the exact figures.
Frequently asked questions
Does extra payment always reduce interest?
Yes, for a standard fixed-rate loan, because it reduces the balance that interest is calculated on sooner.
Are there fees for paying extra?
Some loans charge an early repayment fee. Check your loan terms before making extra payments.
Does this account for rate changes?
No. It assumes the interest rate stays the same for the rest of the term.
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This calculator gives estimates for information only and is not financial advice.