Should I Pay Extra Each Month? This calculator figures how much interest savings you could see depending on how much extra you pay monthly. Input an extra payment amount and calculate your interest savings based on the higher payment. Loan Information Loan Amount $ Extra Payment Amount $ Interest Rate % Loan Term Years These calculations are only estimates and cannot be used to determine the actual amount of time it would take to pay your loan in full if you pay a higher amount each month. Please consult your tax advisor for information on the deductibility of interest for tax purposes. Refinancing or taking out a home equity loan or line of credit may increase the total number of monthly payments and the total amount paid when comparing to your current situation.