See how much time and money you can save by adding extra payments to your loan principal.
Amount added directly to principal every month.
Total Interest Saved
$821
Standard Payoff
5 years, 5 months
Total Int: $3,919
With Extra
4 years, 4 months
Total Int: $3,098
When you make a standard loan payment, a large portion goes toward interest first. Anything left over reduces your principal balance.
When you make an extra principal payment, 100% of that money reduces your balance immediately. This means the next month's interest charge is calculated on a lower balance, saving you money every single month thereafter.
Even small extra payments (like $50 or $100) can shave years off a 30-year mortgage and save tens of thousands of dollars in interest.
