Loan Interest Savings Calculator
Enter your loan balance, rate, base payment, and extra payment to see your interest savings.
Result
How to use
- Enter your values in the fields above.
- Press Calculate to see your result instantly.
- Use the Share button to copy a link to your result.
About this calculator
Every loan payment splits between principal (paying down what you owe) and interest (the cost of borrowing), and interest is recalculated each period on whatever balance remains. Adding a fixed extra amount on top of your required monthly payment goes straight to principal, which shrinks the balance interest is charged on for every remaining month of the loan.
Because interest compounds over the life of a mortgage, auto loan, or personal loan, even a modest extra payment can shave months or years off the payoff date and save a surprising amount in total interest — this is the math behind popular "debt snowball" and "extra principal payment" strategies used by financial planners and DIY debt payoff plans.
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