Making extra principal payments on a loan may help pay it off sooner, decreasing the total amount of interest paid, and thus the total cost of the loan. This calculator provides estimates to demonstrate the benefits of paying extra on your loan.

Example values are provided. Change the sample amounts below to see the effects on savings.


Tip: Try adjusting the “Alternative Monthly Payment” value above and recalculate to see the effects on the term and total loan amount paid (amount saved).

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