Shows savings on interest from making early or extra loan payments.
An early loan repayment calculator shows how much interest you save by making one or more extra payments, and how many months are cut from the loan term.
Standard schedule: amortize at the original rate. Extra payment: apply it entirely to principal, then recalculate remaining balance. Interest saved = total interest (original schedule) − total interest (new schedule)
Loan $20,000, 5% annual rate, 60 months. Regular payment ≈ $377. After month 12, you pay an extra $2,000. Remaining balance drops by $2,000, cutting roughly 6 months and saving about $320 in interest.
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