Finance Tools
Additional Principal Payment Calculator
Estimate how much time and interest you can save by making additional principal-only payments on your loan or mortgage.
Inputs
This tool focuses on principal-only extra payments (not a full schedule).
Results
How to use this additional principal payment calculator
- Enter your loan balance (principal).
- Enter the annual interest rate (APR).
- Enter the remaining term (years).
- Enter an additional principal-only payment amount (monthly).
- Click Calculate to see estimated time saved and interest saved.
Example
For example, if your balance is $200,000 at 5.5% APR with 25 years remaining and you add $150 per month toward principal, this calculator will show:
- How many months/years sooner you could pay off the loan.
- How much interest you could save overall.
More tools in Finance Tools
- Total Loan Cost Calculator
See the total cost of a loan, including monthly payment, total paid, and total interest. Optionally add an extra monthly payment to see time and interest savings.
- Mortgage Extra Payment Calculator
See how extra mortgage payments can reduce your payoff time and total interest. Compare your current schedule vs. extra payments.
- Auto Loan Payoff Calculator
See how long it will take to pay off your auto loan and how much interest you will pay, with or without extra monthly payments.
- Credit Card Payoff Calculator
Estimate how long it will take to pay off a credit card based on balance, APR, and monthly payment.