See your full amortization schedule and how much time and interest you'd save by adding a fixed extra payment every month.
| Year | Principal paid | Interest paid | Balance remaining |
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How to use the amortization and early payoff calculator
- Enter your loan amount, annual interest rate, and tenure in years.
- Optionally enter a fixed extra amount you plan to pay each month on top of the required EMI.
- Click Calculate Amortization to see your base EMI, the full yearly schedule, and, if you entered an extra payment, exactly how much interest and time it saves.
How extra payments change an amortization schedule
Every extra payment reduces principal immediately, which means every future month accrues interest on a smaller balance. This calculator recomputes the full month-by-month schedule with your extra payment applied, tracking exactly when the loan would be paid off and how much total interest would be avoided compared to the standard schedule.
Example
A 2,000,000 loan at 8.5% over 20 years normally costs roughly 2,165,000 in total interest. Adding just 5,000 extra per month can cut several years off the term and save a substantial portion of that total interest, the exact figures appear once you run the calculator.
Frequently asked questions
- How does an extra monthly payment save so much interest?
- It reduces principal sooner, so less interest accrues on the shrinking balance in every subsequent month.
- Does making extra payments always make financial sense?
- Not always, compare the loan's rate against other opportunities and ensure you have an emergency fund first.
- Should I check my loan for prepayment penalties before adding extra payments?
- Yes, check your loan agreement or ask your lender first.
- Does this tool store or send my loan details anywhere?
- No, all calculations happen locally in your browser.
Bookmark this page and test a few extra-payment amounts before committing, even a small consistent addition often changes the payoff timeline more than expected.
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