Early Repayment Calculator

See how much time and interest you could save by paying extra toward your loan every month.

Calculate

Enter your values below.

Result

Months saved
0
Interest saved
0
New payoff time
0

Formula used

Simulates paying the original EMI plus your extra amount every month, tracking how much sooner the balance reaches zero and how much less interest accrues.

Example: $20,000 at 8% for 48 months, plus $100 extra/month → pays off several months early with real interest savings.

How to use this calculator

  1. Enter Loan amount, Annual interest rate (%), Original loan term (months), Extra payment per month.
  2. Press Calculate to see your result instantly.

FAQ

Frequently asked questions

Does the extra payment go entirely toward principal?

Yes, in this simulation the extra amount reduces the principal balance directly each month.

Is there a prepayment penalty factored in?

No — check your loan terms, since some lenders charge a fee for early repayment.

What if my extra payment is very large?

The calculator correctly stops once the balance reaches zero, so it won't overpay.

Why does even a small extra payment save meaningful interest?

Because it reduces the principal balance sooner, which reduces the interest charged in every future month of the loan.