Loan Payoff Calculator
See how much time and interest an extra monthly payment could save.
Your details
Advanced assumptions
These are scenario assumptions, not verified local rules or lender terms. Only change options supported by your documents.
Your results
| Measure | Regular | With extra |
|---|---|---|
| Monthly payment | $450.00 | $550.00 |
| Time to repay | 4 yr 5 mo | 3 yr 6 mo |
| Total remaining payments | $23,798.49 | $22,981.19 |
View first 12 payments
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $550.00 | $416.67 | $133.33 | $19,583.33 |
| 2 | $550.00 | $419.44 | $130.56 | $19,163.89 |
| 3 | $550.00 | $422.24 | $127.76 | $18,741.65 |
| 4 | $550.00 | $425.06 | $124.94 | $18,316.59 |
| 5 | $550.00 | $427.89 | $122.11 | $17,888.70 |
| 6 | $550.00 | $430.74 | $119.26 | $17,457.96 |
| 7 | $550.00 | $433.61 | $116.39 | $17,024.35 |
| 8 | $550.00 | $436.50 | $113.50 | $16,587.84 |
| 9 | $550.00 | $439.41 | $110.59 | $16,148.43 |
| 10 | $550.00 | $442.34 | $107.66 | $15,706.08 |
| 11 | $550.00 | $445.29 | $104.71 | $15,260.79 |
| 12 | $550.00 | $448.26 | $101.74 | $14,812.53 |
Extra payments reduce principal from the selected start month. The final payment may be smaller. Any entered penalty is shown separately; daily-interest adjustments and changing rates are not modeled.
Calculated:
Scenario comparison
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How the loan payoff calculator works
Calculate how extra monthly payments affect your payoff time, total interest, and remaining loan cost.
Each month: interest = balance × annual rate ÷ 12. Principal repaid = payment + extra − interest. Repeat until the balance reaches zero.
Example
Compare a $20,000 balance at 8% with $450 regular monthly payments against paying an extra $100 each month.
What affects the result
- Extra principal payments reduce future interest on the remaining balance.
- A payment that does not cover monthly interest cannot pay down the loan.
- The final payment is limited to the balance and interest still due.
Helpful guides
Frequently asked questions
Does this include a prepayment penalty?
No. Check your agreement and lender instructions before making extra payments. The model assumes the extra amount goes to principal.
Why might my lender give a different payoff date?
Daily interest, payment dates, fees, and rounding can differ. This calculator uses monthly interest and a fixed payment schedule.