Loan Payoff Calculator
When will your loan be gone? Enter balance, rate, and payment to get the payoff date and total interest — and see exactly what an extra monthly payment saves. Informational only, not financial advice.
| Current | With extra | You save | |
|---|---|---|---|
| Payoff time | 5y 7m | 4y 2m | 1y 5m |
| Payoff date | May 2032 | December 2030 | — |
| Total interest | $6,616.65 | $4,718.19 | $1,898.46 |
Worked example: how extra payments change a $10,000 loan
This comparison uses a $10,000 balance at 10% fixed APR and a required $250 monthly payment. It assumes on-time payments, no fees, and no new borrowing.
| Monthly payment | Payoff time | Total interest | Interest saved |
|---|---|---|---|
| $250 | 49 months | $2,214.69 | — |
| $300 | 40 months | $1,764.16 | $450.53 |
| $350 | 33 months | $1,469.00 | $745.69 |
Values are generated with the same monthly-balance simulation used by the calculator above.
How to use this tool
- Enter your current balance, interest rate, and the monthly payment you're making.
- Add the extra amount you could pay each month.
- Compare the two payoff dates and the interest saved.
How it works
Each month, interest accrues on the balance (balance × APR ÷ 12) and the rest of your payment reduces principal. The calculator simulates this to the last dollar for both your current payment and the payment-plus-extra, then compares total interest and payoff time.
If your payment doesn't cover the monthly interest, the balance grows forever — the tool tells you instead of pretending. Assumptions: fixed APR, no new borrowing, on-time payments. Informational only — not financial advice.
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Frequently asked questions
How do I calculate how many months it will take to pay off a loan?
Enter the current balance, fixed APR, and monthly payment. The calculator applies one month of interest, subtracts the rest of the payment from principal, and repeats until the balance reaches zero. It reports both the number of months and the estimated calendar payoff date.
How much faster does an extra $50/month pay off my loan?
It depends on the balance and rate — enter your numbers and the comparison shows exactly. On a $10,000 balance at 20% APR with a $250 payment, an extra $50 saves roughly two years and thousands in interest.
Is it better to pay extra monthly or in a lump sum?
Mathematically, sooner is better — a lump sum today beats the same amount spread over a year, because principal removed early stops accruing interest immediately. Practically, pick whichever you'll actually stick to.
Does this account for prepayment penalties?
No — most consumer loans don't have them, but check your loan terms. If yours does, factor that cost against the interest savings shown here.