See how much interest and time you save by adding extra to your monthly loan payment.
Informational only — not financial advice. This calculator provides general estimates for educational purposes and does not account for every factor in your situation. It is not financial, investment, tax, or legal advice. Figures are estimates and may not reflect current rates. Consult a qualified professional before making financial decisions.
Adding even a modest amount to your monthly loan payment can shave years off the term and save tens of thousands in interest, because every extra dollar goes straight to principal — and reducing principal reduces all the future interest that balance would have generated.
This calculator amortizes your loan twice: once at the normal payment, and once with your extra amount added every month. The difference is your interest saved and time saved. It works for mortgages, auto loans, and student loans alike.
Extra payments keep your required payment the same but shorten the term — they save the most interest. A recast, by contrast, lowers your required payment while keeping the term. If your goal is to be debt-free sooner, extra payments win; if it's lower monthly cash flow, a recast fits better.