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 | March 2032 | October 2030 | — |
| Total interest | $6,616.65 | $4,718.19 | $1,898.46 |
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 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.