How Does Early Payoff Save You Money?

Every extra payment you make above your monthly payment goes directly toward the principal balance. This reduces the balance on which interest is calculated the following month. As a result, you pay less interest over the life of the loan and, more importantly, shorten the loan term itself.

What Types of Extra Payments Are There?

You can make a small extra payment each month, a larger one-time payment once a year, or a single lump-sum payment. This calculator allows you to model all three scenarios.