Your savings
Interest you'll save
$—
Original interest
$—
New interest
$—
Term shortened
—
Shortened (years)
—
New payoff date
—
Original payoff date
—
New interest
Interest saved
How extra payments work
Because interest is charged on your remaining balance, every extra dollar you pay goes straight toward principal — shrinking the balance that future interest is calculated on. Over time this compounds into significant savings and a shorter payoff timeline.
Use the extra each month option to model a small, steady overpayment, or the one-time payment option to model a lump sum (such as a bonus or refinance) applied right now.