Making extra payments to reduce the principal balance on a loan can help pay off the loan sooner and reduce the total interest paid over the lifetime of the loan. This calculator shows the impact of making regular extra payments on the loan. It shows the interest savings and the number of payments saved from the repayment schedule as compared with a regular loan that has no prepayment.

Extra Payment may be either a dollar amount or a percentage of the regular monthly payment. For example, to have an extra monthly payment every year specify Extra Payment as 100% and Prepayment Frequency as Annually.

Loan Balance:
Interest Rate:
Loan Term (Years):
Extra Payment:
Prepayment Frequency:	Monthly Quarterly Semi-Annually Annually