Payoff date · Interest saved · Monthly extra · Lump sum
Every extra dollar paid toward principal reduces the balance on which interest accrues — eliminating future interest charges for the remaining life of the loan. This effect compounds: extra principal paid in month 1 removes more total interest than the same amount paid in month 60. The calculator models extra monthly payments and a one-time lump sum applied in the month you specify. Verify with your lender that extra payments are applied to principal and not held toward future payments. Some servicers require you to note this when making extra payments.