Free Loan Prepayment Savings calculator with clear step-by-step results.
Extra principal reduces the balance that accrues interest, so both the term and total interest shrink.
Formula
Prepaying adds to the payment, cutting principal faster and shortening the term
Extra principal reduces the balance that accrues interest, so both the term and total interest shrink.
Estimate only — check your lender's prepayment rules and recast terms.