Current Balance ($)

Rate (% APR)

Remaining Term (months)

Extra Monthly Payment $50

Prepayment Penalty (% of remaining balance)

Penalty Applies For (months left)

Warning: Your prepayment penalty may exceed your interest savings. Check the numbers below.

Interest Saved

Months Shaved Off

Penalty Cost

Net Savings (after penalty)

—

New Payoff Date

Original Interest

New Interest

How It Works

Enter your current balance, rate, and remaining term. Use the slider to adjust your extra monthly payment. The calculator shows interest saved, months shaved off, and — crucially — warns you if your prepayment penalty would exceed those savings.

Practical tip: Before making extra payments, call your lender and ask: "Is there a prepayment penalty?" If yes, get the exact terms and enter them here. Some penalties only apply for the first 12-24 months. Timing matters.

Privacy note: All calculations happen in your browser. Nothing is sent to our servers.

Prepayment Savings Calculator

Interest Saved

Months Shaved Off

Penalty Cost

History

How It Works

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