Use this free loan payoff calculator to find out how long it will take to pay off your loan and how much interest you will pay. Enter an extra monthly payment to see how much time and money you can save by paying down your loan faster.
Loan Payoff Calculator
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Standard Payoff
Payoff time—
Total interest—
Total paid—
With Extra Payment
Payoff time—
Total interest—
Total paid—
Payment Schedule
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How to use this Loan Payoff calculator
1. Enter your current loan balance — the amount you still owe today.
2. Enter the annual interest rate — check your loan statement or original loan documents for this figure.
3. Enter your current monthly payment — the amount you pay each month under your standard payment plan.
4. Enter an extra monthly payment — this is optional but powerful. Even an extra $50 or $100 per month can save thousands in interest and cut years off your loan.
5. Click Calculate Payoff to see a side-by-side comparison of your standard payoff vs. paying extra, including total interest saved and how much sooner you will be debt-free.
Frequently asked questions
Q: How much can I save by making extra payments?
A: Even small extra payments have a significant impact over time. On a $25,000 loan at 6.5% interest, adding just $100 per month to your payment can save over $2,000 in interest and pay off the loan more than 2 years early. Use this calculator to see the exact numbers for your specific loan.
Q: Should I make extra principal payments or pay ahead?
A: Always make extra principal payments, not advance payments. When you pay ahead, many lenders apply the extra amount as a future payment rather than reducing your principal balance. Reducing the principal directly reduces the amount interest is calculated on, which is what saves you the most money. Contact your lender to confirm how to designate extra payments.
Q: Does it matter when during the month I make extra payments?
A: Yes — making extra payments earlier in the month means less interest accrues before your payment is applied. If your budget allows, making bi-weekly half-payments instead of one monthly payment effectively adds one extra full payment per year, which can significantly speed up payoff.
Q: What types of loans does this calculator work for?
A: This calculator works for any fixed-rate installment loan including personal loans, auto loans, student loans, and home equity loans. For mortgages, use our dedicated mortgage calculator which includes a full amortization schedule.
Q: What if my payment is less than the interest owed?
A: If your monthly payment does not cover the interest that accrues each month, your loan balance will actually grow over time — this is called negative amortization. The calculator will alert you if your payment is too low. You should contact your lender immediately if this is your situation.