Extra monthly payment
An extra payment every month
You add a fixed amount, however small, to every installment. See how many months it takes off the loan, how much interest you save and what other amounts would do.
Example values: replace them with yours and press Calculate.
Months saved
74 months
New end: —
Interest saved
RON 58,830.22
Extra money paid in
RON 49,500.00
Every 1 RON paid in extra brought RON 1.19 in interest saved
| The loan without and with the extra monthly payment | Current situation | With the extra payment |
|---|---|---|
| Monthly installment | RON 1,450.07 | RON 1,750.07 |
| Remaining installments | 240 | 166 |
| Payoff date | — | — |
| Remaining total interest | RON 168,016.26 | RON 109,186.04 |
| Total paid (installments, extra amounts and commission) | RON 348,016.26 | RON 289,186.04 |
- Without the extra payment
- With the extra payment
Move the pointer over the chart or use the ← → arrow keys to see the values.
- Principal
- Interest
The figures by year
| Year | Principal | Interest |
|---|---|---|
| 1 | RON 7,764.10 | RON 13,236.71 |
| 2 | RON 8,366.85 | RON 12,633.96 |
| 3 | RON 9,016.39 | RON 11,984.42 |
| 4 | RON 9,716.35 | RON 11,284.46 |
| 5 | RON 10,470.66 | RON 10,530.15 |
| 6 | RON 11,283.53 | RON 9,717.29 |
| 7 | RON 12,159.49 | RON 8,841.32 |
| 8 | RON 13,103.47 | RON 7,897.35 |
| 9 | RON 14,120.72 | RON 6,880.09 |
| 10 | RON 15,216.95 | RON 5,783.86 |
| 11 | RON 16,398.28 | RON 4,602.53 |
| 12 | RON 17,671.33 | RON 3,329.49 |
| 13 | RON 19,043.20 | RON 1,957.62 |
| 14 | RON 15,668.68 | RON 506.80 |
What other amounts would do
The same loan, with half, the same, double and triple the amount you entered.
| What other amounts would do | Months saved | Interest saved | New end |
|---|---|---|---|
| RON 150.00 per month | 45 months | RON 36,160.13 | — |
| RON 300.00 per month | 74 months | RON 58,830.22 | — |
| RON 600.00 per month | 112 months | RON 86,181.85 | — |
| RON 900.00 per month | 135 months | RON 102,298.26 | — |
The link carries your figures in its address: anyone who opens it sees the same calculation.
How it is calculated
The loan's installment does not change: every month you add your amount, and everything above the installment goes to reducing the debt. Because the debt falls faster, the monthly interest, calculated on the remaining balance, falls too, so in the following months a larger share of the installment goes to principal.
The calculator rebuilds the repayment schedule month by month, with the extra amount from the installment you choose, until the balance reaches 0. The difference in the number of installments and in total interest, before and after, is the months and money saved.
An amount paid early has the biggest effect: the same amount started later saves less, because the interest has already run. That is why you can change the installment the extra payment starts from, and compare several amounts in the table below.
Questions about paying extra
How much do I need to add for it to matter?
Even small amounts show over the long run: the “What other amounts would do” table shows the months and interest saved for half, double and triple your amount. Pick an amount you can keep up every month without putting your budget at risk.
Does the bank charge a commission for an extra amount?
It depends on the contract and on the kind of rate. If you have a commission, enter it in its field: the calculator applies it to every extra amount and shows the saving after commission. Check your contract or ask the bank before you start.
Do I have to tell the bank I am paying extra?
Often yes: an amount above the installment may be treated as an advance on the next installment, not as a partial repayment of principal, unless you explicitly ask for partial repayment. Ask the bank how the payment must be made (a request, a separate amount) so that it really reduces the debt.
Does the installment fall or the term?
Here the installment stays the same and the term falls: you pay fewer installments. If you want the installment to fall, use the prepayment calculator with the “The installment” option.
More loan calculators
- PrepaymentHow much you shorten the loan or lower the installment if you pay a sum now, with a commission and two scenarios side by side.Open →
- Close the loanWhat to bring to the bank to close the loan now, with the commission and accrued interest.Open →
- Payment planSeveral early payments over time: a monthly amount, a yearly bonus and payments on dates you choose.Open →
- RefinancingCompare today's rate with a new offer and see from which month the move pays for itself.Open →
Indicative calculation. Final figures are confirmed with your bank/lender (RO law OUG 50/2010: you have the right to early repayment).