Loan Payoff Calculator

See how much interest you can save by making extra payments on your existing loans.

Loan Details

Your loan parameters

Loan Amount

Interest Rate

Loan Term (Years)

Start Date

Accelerate Your Payoff

Additional payments to reduce interest

Amount ($)

Starting From

This amount will be added to your regular monthly payment every month starting from the selected date.

Payoff Goal Calculator

I want to be debt-free in (years):

Required Monthly Payment

$2,613.32

That's $717.12 more than current payment.

Standard Monthly Payment

$1,896.20/mo

Standard Payoff

Total Interest$382,633.47

Payoff DateDecember 1, 2055

Total Savings

$0.00

Amortization Schedule

A month-by-month breakdown of your loan payments.

Amortization Schedule360 payments

Frequently Asked Questions

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.

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