Loan Payoff Calculator

Enter balance, rate, and monthly payment to see your payoff date — then add an extra payment and watch the months and interest fall.

—Payoff (current plan)
—Interest (current plan)
—Payoff (with extra)
—Interest (with extra)
—Time saved
—Interest saved

What is Loan Payoff?

The Loan Payoff Calculator simulates your remaining balance month by month from three numbers on your statement: current balance, interest rate, and monthly payment. Add an extra monthly amount and it re-runs the simulation, showing the payoff date and total interest for both plans side by side — so "an extra $100 a month" turns into a concrete answer: months cut and dollars saved.

How to use

  1. Enter your current balance, interest rate, and regular monthly payment.
  2. Add the extra amount you could pay each month.
  3. See payoff time and interest with and without the extra — plus exactly what you save.

Frequently asked questions

How do extra payments shorten a loan?

Every extra dollar goes straight to principal. A smaller principal accrues less interest the next month, so each later payment retires more debt — the effect compounds.

Is it better to pay extra monthly or as a lump sum?

Earlier is better: a lump sum today saves more than the same total spread over years. Monthly extras are the practical middle ground most budgets can sustain.

Do all loans allow early payoff?

Most US mortgages, auto loans, and student loans allow prepayment without penalty, but some personal loans charge one. Check your agreement before committing.

Is my data sent to a server?

No. All calculations happen in your browser.

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