Extra payments without interest
A 12,000 loan over 24 months at 0% has a 500 base payment. An extra 100 per month repays it in 20 months. The four-month time saving creates no interest saving because the rate is zero.
Build an amortization schedule and explore how a regular extra principal payment changes interest and payoff time while keeping the base payment fixed.
Compare a standard amortization schedule with a fixed extra principal payment each month. The base payment stays fixed after extra payments; the final payment is reduced.
Standard plan: 360 payments and USD 186,511.57 interest. With extra: 298 payments and USD 149,442.54 interest.
Calculated at full precision; displayed amounts are rounded. CSV includes every period with six decimal places.
| Month | Opening | Interest / growth | Payment | Closing |
|---|---|---|---|---|
| 1 | USD 200,000.00 | USD 833.33 | USD 1,173.64 | USD 199,659.69 |
| 2 | USD 199,659.69 | USD 831.92 | USD 1,173.64 | USD 199,317.96 |
| 3 | USD 199,317.96 | USD 830.49 | USD 1,173.64 | USD 198,974.81 |
| 4 | USD 198,974.81 | USD 829.06 | USD 1,173.64 | USD 198,630.23 |
| 5 | USD 198,630.23 | USD 827.63 | USD 1,173.64 | USD 198,284.21 |
| 6 | USD 198,284.21 | USD 826.18 | USD 1,173.64 | USD 197,936.75 |
| 7 | USD 197,936.75 | USD 824.74 | USD 1,173.64 | USD 197,587.85 |
| 8 | USD 197,587.85 | USD 823.28 | USD 1,173.64 | USD 197,237.49 |
| 9 | USD 197,237.49 | USD 821.82 | USD 1,173.64 | USD 196,885.66 |
| 10 | USD 196,885.66 | USD 820.36 | USD 1,173.64 | USD 196,532.38 |
| 11 | USD 196,532.38 | USD 818.88 | USD 1,173.64 | USD 196,177.62 |
| 12 | USD 196,177.62 | USD 817.41 | USD 1,173.64 | USD 195,821.38 |
Interest accrues before each month-end payment at annual rate ÷ 12. No prepayment penalties, recasting, escrow, taxes, or origination charges are modeled.
Your inputs and calculations stay in this browser. No live financial data is fetched; amounts use your selected USD or GBP labels.
Enter the original loan principal, fixed nominal annual rate, and original term.
Add the extra amount paid with every monthly payment.
Compare payoff time and interest with the standard plan, then export the accelerated schedule.
A 12,000 loan over 24 months at 0% has a 500 base payment. An extra 100 per month repays it in 20 months. The four-month time saving creates no interest saving because the rate is zero.
If the amount due is less than your usual base-plus-extra payment, only that remaining amount is paid. The schedule never creates a negative balance.
The standard schedule uses the level payment needed to repay the original principal in the specified term. The accelerated schedule adds your extra amount after monthly interest is calculated. Both start with the same balance and interest rate, so the difference isolates the effect of extra payments.
Monthly interest equals opening principal multiplied by the annual nominal rate divided by 1,200. Payment minus interest reduces principal. Extra principal reduces later interest because less debt remains to accrue it. All payments occur at month end; no midmonth savings are assumed.
This calculator shortens the repayment period while keeping the scheduled base payment unchanged. A loan recast that lowers later payments is a different scenario. The export includes opening balance, interest, actual payment, and closing balance for every simulated month.
This form models the same extra payment every month. It does not support an isolated lump sum or an extra payment that starts later.
No. A penalty or charge can change the benefit of extra payments and must be considered separately from these interest-only arithmetic results.
Yes, if you also supply the remaining term and want a newly calculated level payment. That may differ from your existing contractual payment.