Loan Early Payoff Calculator
Adding even a modest extra amount to your monthly loan payment can meaningfully cut both your payoff timeline and the total interest you pay, since every extra dollar goes straight to principal. This calculator compares your original schedule to an accelerated one so you can see exactly how many months — and how much interest — an extra payment saves.
Enter your numbers and select Calculate to see your estimated payment.
How this calculation works
The original schedule uses your current balance, rate, and remaining term. The accelerated schedule adds your extra monthly amount to principal each month and recalculates the payoff date and total interest from there.
Example calculation
A $15,000 balance at 8% with 4 years remaining, plus an extra $100 per month, pays off about 11 months sooner and saves roughly $637 in interest.
Frequently asked questions
Does extra payment amount matter more than timing?
Consistency matters most — a smaller extra amount paid every month generally saves more interest than an occasional larger lump sum, because it compounds over more billing cycles.
Will my lender apply extra payments to principal automatically?
Not always — some lenders apply extra payments to future interest first unless you specify "apply to principal." Confirm this with your loan servicer.
Are there prepayment penalties to watch for?
Some loans, particularly certain personal, auto, or specialty loans, include prepayment penalties. Check your loan agreement before making large extra payments.
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This calculator provides estimates for informational purposes only and is not a loan offer or financial advice. See our Disclaimer.