Loan Payoff Calculator

See how extra payments can save you thousands and shorten your loan

Loan Details

Current Loan Balance ($)

Annual Interest Rate (%)

Monthly Payment ($) Your required monthly payment (principal + interest)

Extra Monthly Payment ($) Additional amount paid toward principal each month

Payoff Summary

Interest Saved

Time Saved

0 mo

New Payoff Date

Original Payoff Date

Without Extra Payments

Months to Payoff

Total Interest

Total Paid

With Extra Payments

Months to Payoff

Total Interest

Total Paid

Balance Over Time

Amortization Schedule (with extra payments)

Month	Payment	Principal	Interest	Extra	Balance

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How Extra Payments Work

When you make extra payments on a loan, the additional amount goes directly toward reducing your principal balance. This means less interest accrues each month, accelerating your payoff and saving you money over the life of the loan. Even small extra payments can make a significant difference over time.