Loan Payoff Calculator

Enter your loan balance, interest rate, and monthly payment to see exactly when you'll pay off your loan — and how much interest you'll pay along the way. Add an extra monthly payment to see how much time and money you can save.

Loan Details

See how extra payments save you time and interest

%
— optional, above your scheduled payment

This calculator provides estimates for informational purposes only and does not constitute financial advice. Actual results depend on your specific loan terms, fees, and any future interest rate changes. Consult a licensed financial advisor for guidance specific to your situation.

How It Works

Enter your loan details and the calculator simulates your payoff month by month — applying interest, then subtracting your payment — until the balance reaches zero. It compares your standard payoff timeline against what happens when you add extra money each month.

How Extra Payments Save You Money

Less Interest

Reduced Principal Faster

Every extra dollar goes directly toward reducing your principal. Since interest is calculated on the remaining balance, a lower principal means less interest accrues each month — creating a compounding savings effect over the life of the loan.

Shorter Timeline

Earlier Payoff Date

Extra payments shorten the number of months it takes to pay off your loan. A loan that would take 10 years might be paid off in 7 or 8 years with consistent extra payments — freeing up your budget sooner.

How to Use This Calculator

1. Enter your current loan balance — the amount you still owe.

2. Enter your annual interest rate (APR). You can usually find this on your loan statement or in your loan agreement.

3. Enter your scheduled monthly payment — the amount you're required to pay each month.

4. Optionally, enter an extra amount you can pay each month above your scheduled payment.

5. Click "Calculate Payoff" to see your results.

Assumptions and Limitations

This calculator assumes a fixed-rate installment loan with regular monthly payments. It does not account for variable interest rates, fees, prepayment penalties, or irregular payment schedules. The calculation is a simulation for informational purposes only and does not constitute financial advice.

Frequently Asked Questions

How does a loan payoff calculator work?
The calculator simulates your loan month by month — applying interest to the remaining balance, then subtracting your monthly payment — until the balance reaches zero. It shows how long payoff takes and how much total interest you pay.
How does making extra payments affect my loan?
Extra payments reduce your principal faster, which means less interest accrues each month. This shortens your payoff timeline and reduces the total interest you pay over the life of the loan.
How much interest can I save by paying extra?
The amount depends on your balance, interest rate, and extra payment amount. The calculator shows you the exact savings by comparing standard payoff versus payoff with your extra payment.
What information do I need to calculate my payoff date?
You need your current loan balance, annual interest rate (APR), and scheduled monthly payment. Optionally, you can enter an extra monthly payment to see how it affects your timeline.
Does the calculator store my loan information?
No. All calculations run entirely in your browser. No data is sent to a server, stored, or tracked. Your financial information stays on your device.
Can I use this for a personal loan?
Yes. The calculator works for any fixed-rate installment loan — personal loans, auto loans, student loans, or any loan with a fixed monthly payment and interest rate.
Can I use this for an auto loan?
Yes. Enter your auto loan balance, APR, and monthly payment to see your payoff date and how extra payments can save you money on interest.

Compare Debt Payoff Strategies

Looking to compare multiple debts or payoff methods? Try our Debt Payoff Calculator for a side-by-side snowball vs. avalanche comparison.

Open Debt Payoff Calculator

This calculator provides estimates for informational purposes only and does not constitute financial advice. Actual results depend on your specific loan terms, fees, and any future interest rate changes. Consult a licensed financial advisor for guidance specific to your situation.