Small extras add up
The calculator keeps your normal monthly payment the same and adds your overpayments, so the loan is paid off sooner. It works month by month, charging interest at one twelfth of the annual rate on what you still owe.
Even small regular overpayments cut the interest, because each one reduces the balance that interest is charged on for every month that follows.
Worked example
On £20,000 at 8% with 5 years left, an extra £100 a month saves £1,036.37 and clears the loan 1 year 1 month early. An extra £200 a month saves £1,665.88 and 1 year 10 months.
Before you overpay
Check your agreement for early repayment charges, and keep an emergency fund before committing spare money to a loan.
Inputs for the loan calculator with extra monthly payments
Amount you owe
The balance left on your loan.
Interest rate (per year)
Your current interest rate.
Time left to repay
How many years are left on the loan.
Extra each month
The amount you'll pay on top of your normal payment each month. Enter 0 for none.
One-off lump sum now
A single overpayment made now. Enter 0 for none.
CALCULATOR QUESTIONS
Loan calculator with extra monthly payments questions
Do extra payments really save much?
Yes, over time. In the example, £100 a month extra saves £1,036.37.
Does it matter when I overpay?
Earlier overpayments save more, because they cut the balance for longer.
Will my payment go down?
This calculator keeps it the same so the loan finishes sooner.
Will my lender charge me for overpaying?
It depends on your agreement. Check for early repayment or settlement charges before you overpay.