See a full month-by-month schedule with a recurring extra payment built in, and exactly how much time and interest it saves compared to your original loan.
Enter your loan details
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%
years
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Your results
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New Payoff Time
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Time Saved
$0
Interest Saved
$0
Total Interest (With Extra Payments)
Original scheduleWith extra payments
Month
Payment
Principal
Interest
Balance
How the Loan Calculator With Extra Payments works
This calculator builds two full amortization schedules side by side: one using only your regular
monthly payment, and one that adds a fixed extra amount to every single payment for the life of
the loan. Because that extra money goes straight to principal, the balance shrinks faster, which
means less interest accrues every month after that — a compounding effect that grows the longer
the loan runs.
The table below shows the exact schedule for the loan with extra payments included, so you can
see the payment, principal, interest, and remaining balance for every single month until it's
paid off.
Fixed Monthly Payment = Regular Payment + Extra Payment
Interest each month = Balance × r, applied with the standard amortization formula
Because the payment is larger than required, the loan pays off before its original term ends —
that's the "time saved" shown above. Try adjusting the extra payment amount to see how even a
small, consistent increase changes your total interest.
Frequently asked questions
The regular Loan Amortization Calculator shows your schedule with just your normal payment. This tool applies a recurring extra payment every single month throughout the loan, and shows you the resulting shorter schedule alongside the original one so you can see exactly what the extra payment buys you.
This calculator assumes the same extra payment amount every month for the life of the loan. If your extra payment will change over time, you can re-run the calculator at the point where it changes, using your updated balance as the new loan amount and the remaining years as the new term.
This schedule assumes every payment, including the extra amount, is made on time every month. Missing a payment or an extra contribution will push your actual payoff date later and increase your actual total interest compared to what's shown here.