Calculate your amortization schedule and see the impact of extra payments.
Input the loan amount, annual interest rate, and loan term in years.
Choose the month and year when your first payment is due.
Enter any extra amount you plan to pay each month or each year to pay down principal faster.
Use the repeating rows to enter lump-sum payments and the month number in which they will be applied.
See your payoff date, interest saved, and time saved compared to the original schedule.
Any extra amount paid above your regular monthly payment goes directly toward principal, which reduces the balance on which interest is charged. This accelerates payoff and saves interest.
A one-time payment is a lump sum applied to the loan balance in a specific month (e.g., month 12 for a year-end bonus). Enter the month number and amount in the one-time payments section.
The calculator simulates month-by-month payments including all extra amounts and determines the month in which the balance reaches zero, then converts that count into a calendar date.
Yes. The extra yearly payment is applied every 12th month of the loan (i.e., each December of the loan year). You can also model a specific month using the one-time payments feature.