Loan Payoff Calculator
Loan payoff calculator: see how extra monthly payments shorten your payoff date and how much interest you save.
Editorial review: Farrow (pseudonym; identity and professional credentials are not disclosed). This page is for educational purposes, not professional advice.
Updated
Your inputs
Results update as you type. Nothing you enter leaves your device.
Results
- Months saved
- 15
- Interest saved
- $1,124.92
- Total interest with extra
- $3,109.96
Example with the starting values
These results use the calculator's initial inputs. Change the values above to calculate your own estimate.
Inputs
- Current balance
- 25000 $
- Interest rate
- 6.5 %
- Monthly payment
- 500 $
- Extra payment per month
- 150 $
Results
- Payoff time with extra
- 3 yr 8 mo
- Months saved
- 15
- Interest saved
- $1,124.92
- Total interest with extra
- $3,109.96
How does the Loan Payoff Calculator work?
Each month interest is charged on the remaining balance, and the rest of your payment reduces principal. Extra money goes entirely to principal.
The calculator runs the schedule month by month with and without the extra payment, then compares the time to payoff and total interest.
Frequently asked questions
How do extra payments save interest?
They cut the balance sooner, so less interest builds each month. Early extra payments save the most.
Should I pay off a loan early?
If the loan rate is higher than what savings earn and there is no prepayment penalty, paying early is usually a good return.
Why does it say never?
If your payment is less than the monthly interest, the balance never falls. Raise the payment.
Do extra payments always go to principal?
Not always. Tell your lender to apply extra money to principal, or it may be held as an early payment.