Personal Loan Extra Payment Calculator: Estimate Your Savings

Updated August 28, 2026

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Written by Laura McMullen,  Edited by Kim Lowe and 1 other

How to use this calculator

✳️ Note that the calculator makes these assumptions:

Learn how extra payments will be applied

You want your extra payments applied to your principal, but that’s not a given. While some lenders automatically apply extra payments toward your loan principal, others require you to request those funds go toward your principal. There’s also a chance your lender sees extra payments as early payments, which can affect future due dates.

Your best bet is to call your lender and get clear on these important details before changing your payments. While you’re at it, ask how extra payments could affect any automatic payments you may have set up, as well as whether there’s a fee for paying off your loan early. (Prepayment fees are rare, but it's worth confirming.)

» MORE: How to pay off a personal loan faster

Are extra payments worth it?

Before adding to your monthly payments, ask these questions to determine if paying more than the minimum due is a wise choice.

How much could you save?

Start with the calculator results. You’ll see how much you could save in interest and how much sooner you could pay off your loan than if you continued making current payments.

The more you save, or the more you value being debt-free, the more worthwhile the extra payments would be.

Could you still cover your essentials?

Carefully consider how allotting this extra money to your loan will affect your other financial needs. Where would that extra $50 or $100 come from, and what financial trade-offs would you be making? Paying down your debt faster isn’t worth it if you need that money for a car payment, utility bills, groceries or other day-to-day necessities.

Also think twice before depleting your savings for extra payments. Keep at least a small emergency fund, which can keep you from taking on more debt if you face a surprise expense.

How high is the loan’s APR?

When determining where extra payments fit among your priorities, consider the loan’s APR and how it compares to other debts you may have. You’ll save more money by first repaying the debts with the highest annual percentage rates.

If your personal loan interest rate is high, also explore whether refinancing is an option. That could be another way to save on your loan if you qualify for a lower rate and better terms. Learn more about refinancing a personal loan.