Loan Information
Current Loan Details
$
$
Calculated automatically
Extra Payment Strategy
$
Comparison Results
💚 Your Savings
Time Saved
0 years
Pay off your loan faster
Interest Saved
$0
Total interest savings
📊 Current Loan (No Extra Payment)
Monthly Payment
$0
Total Payments
0
Total Interest
$0
Payoff Date
--
🚀 With Extra Payment
Effective Monthly Payment
$0
Total Payments
0
Total Interest
$0
Payoff Date
--
Balance Over Time Comparison
Year-by-Year Comparison
| Year | Current Loan Balance | With Extra Payment | Additional Savings |
|---|
How Extra Payments Work
Extra payments go directly toward your loan principal, reducing the amount of future interest you'll pay. Even small extra payments can save thousands in interest and years of payments.
Extra Payment Strategies
- Monthly Extra: Add a fixed amount to each monthly payment
- Yearly Extra: Make one larger payment per year (bonus, tax refund)
- One-Time Payment: Apply windfall (inheritance, sale proceeds) to principal
- Bi-Weekly Payments: Pay half your payment every 2 weeks = 13 monthly payments/year
Tips for Success
- Specify "apply to principal" when making extra payments
- Check with lender about prepayment penalties (rare but possible)
- Consider if investing the extra money might yield better returns
- Start small - even $50/month makes a difference