Loan Payoff Calculator

See exactly how extra payments cut your payoff date and total interest — side by side.

Advertisement 728×90 — Leaderboard
Home › Finance › Loan Payoff

Calculate now

$
%
$
Without extra payment
Payoff
—
—
With extra payment
Payoff
—
—
Months saved
—
Interest saved
—

How extra payments work

Every dollar above your minimum goes directly to principal. This reduces the balance future interest is calculated on, creating a compounding savings effect. Even $50–$100/month extra can cut years off a loan.

How do extra payments reduce interest?
Every extra dollar goes directly to principal, reducing the balance on which future interest compounds.
Is there a penalty for early payoff?
Some lenders charge 1–3%. Check your loan agreement. Most personal loans after 2010 have no prepayment penalty.
Advertisement 300×250 — Rectangle

More calculators

Advertisement 300×600 — Half Page
Advertisement 728×90 — Leaderboard