Do extra payments always help?

They cut interest and payoff time, but check your loan has no prepayment penalty and that higher-interest debts aren't a better target first.

EZ1 Calculators

Extra Payment Calculator

See how much interest you'd save — and how much sooner you'd be debt-free — by adding a little extra to each monthly payment.

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How it works

Every extra dollar goes straight at the principal, so you pay interest for fewer months. Small extra payments can save years and tens of thousands in interest.

Example

On a $200,000 loan at 5% over 30 years, an extra $200/month saves roughly $61,000 in interest and pays it off about 8–9 years early.

Frequently asked questions

Do extra payments always help?: They cut interest and payoff time, but check your loan has no prepayment penalty and that higher-interest debts aren't a better target first.