Loan Prepayment Calculator
Shorter term or lower payment?Runs locally · nothing uploaded
Balance before the extra payment
289,251.73
Current monthly payment
1,896.2
Remaining interest on the current plan
325,118.39
Option 1: keep the payment, shorten the termSaves more
Payments remaining
250 (20 y 10 m)
Interest saved
110,748.91
Option 2: keep the term, lower the payment
New monthly payment
1,699.54
Interest saved
33,719.94
Assumes a fixed-rate, fixed-payment loan. Some lenders charge prepayment penalties; check your agreement.
Results are estimates for reference only and are not financial, lending or tax advice. Confirm actual rates and taxes with your lender or tax authority.
Assumes a fixed-rate, fixed-payment loan. Check your agreement for prepayment penalties or minimums.
Also works as:mortgage prepayment calculatorextra payment calculatorpay off loan early
How to use
- 1Enter the original amount, rate and term.
- 2Enter payments already made and the extra payment.
- 3Compare interest saved and the new payment or term.
FAQ
Shorten the term or lower the payment?
Shortening the term usually saves more interest; lowering the payment eases monthly cash flow.
When does prepaying help most?
Early in the loan, when most of each payment is interest.
Related tools
Mortgage CalculatorMonthly payment and amortizationLoan CalculatorPayment, interest and full scheduleCompound Interest CalculatorGrowth with monthly contributionsSimple Interest CalculatorInterest on savings and depositsROI CalculatorReturn on investment and CAGRSales Tax / VAT CalculatorAdd or remove tax from a price