How much interest you save and how many months sooner you pay off a loan with an extra monthly payment. Results update as you type.
The standard payment is calculated first. Then the loan is simulated month by month with the extra payment added: each month's interest is charged on the remaining balance, and the rest reduces principal. The simulation stops when the balance reaches zero.
Results are estimates for education only and are not financial advice.
Usually yes, as long as the regular payment already covered that month's interest. Tell your lender the extra amount is a principal-only payment, and check your statement to confirm it was applied that way.
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