Loan Payoff Calculator
See how extra monthly payments shorten your loan and save on interest.
How Extra Payments Work
When you make an extra payment, it goes directly toward your principal (what you owe), not interest. This shrinks the balance faster, which means less interest accrues next month — creating a compounding benefit over the life of the loan.
The earlier you start making extra payments, the bigger the benefit — because early payments eliminate months or years of future interest charges.