Loans & debt · 1 min
Enter your loan as it stands and the extra amount you can pay. The calculator shows the interest you save, how many months come off the term, and the net saving after any early-repayment fee.
One-off extra payment against the balance.
Check your contract. Many consumer loans allow fee-free early repayment; some charge 1–2%.
Everything is calculated in your browser as you type. Nothing you enter is sent or stored, and no account is needed.
Worth paying early.
$2,597
interest saved by the extra payment, after the fee
| Interest left if you change nothing | — |
| Interest left after the extra payment | — |
| Fee on the extra payment | — |
| Months cut from the term | — |
| Net saving | — |
| If you pay extra | Interest saved | Term cut by |
|---|---|---|
| — | — | — |
| — | — | — |
| — | — | — |
Compare the loan rate with what the money could earn elsewhere. Paying off an 8.5% loan is a guaranteed 8.5% return; very few savings accounts beat that, but a 2% loan is a different conversation.
Keep your emergency fund intact. An extra payment you have to borrow back at a card rate three months later saves nothing.
Ask the lender whether the extra payment shortens the term or lowers the monthly payment. Shortening the term saves the most interest; lowering the payment eases cash flow. Pick on purpose.
Everything below is calculated from your inputs. Nothing is fetched or stored.
interest_left = sum of monthly interest until balance reaches 0
after = same schedule starting from balance − extra
net_saving = (interest_left − after) − extra × fee
The schedule is simulated month by month at your rate and payment, so the answer matches how amortising loans actually work: early in a loan most of each payment is interest, which is why the same extra amount saves more the earlier it arrives.
Limitations. Variable rates, payment holidays and fee structures other than a percentage of the extra amount are outside this page. If your payment barely covers the monthly interest, the calculator will say so instead of pretending a schedule exists.