Loan Payoff Calculator

Extra payments can save you thousands in interest and years of payments. For example, adding just $200/month to a $300,000 loan at 6.5% can save over $80,000 in interest and pay off the loan 8 years early. Use our calculator to see your exact savings.

Both strategies work, but consistent monthly extra payments typically save more interest over time. However, one-time payments (like tax refunds or bonuses) can also make a significant impact. Our calculator lets you compare both strategies.

The earlier you make extra payments, the more you save in interest. Even small extra payments in the first few years of your loan can have a massive impact because more of your payment goes toward interest early on.