Making extra payments
Learn how extra payments work, where they go, and simple ways to make them part of your plan.
Start with an amount you can sustain
Keep essential expenses and required minimum payments in your budget. Enter an extra amount into the calculator to compare scenarios before making a commitment.
Check how your lender applies payments
Payment allocation, accrued interest, fees and prepayment terms can affect the outcome. Ask your lender how an additional payment is applied and whether you need to provide instructions.
Compare a few scenarios
Try an extra $25, $50 or $100. The calculator assumes a consistent monthly payment, fixed APR and no fees or new charges; it does not reproduce every lender’s daily-interest calculation.