Credit Card Payoff
Calculator
Time and interest.
Open the credit card payoff calculator →
Debt
Loan Payoff Calculator
See how an extra monthly payment shortens your loan and cuts the total interest you pay.
New payoff time
—
With the extra payment.
| Time saved | — |
|---|---|
| Interest saved | — |
| Interest without extra | — |
| Interest with extra | — |
Show our math
Enter your figures above to see the step-by-step working.
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How the Loan Payoff Calculator Works
Adding a little extra to each loan payment goes straight to principal — the part interest is charged on — so it pays the loan off early and saves interest. This calculator simulates your loan twice, once at your current payment and once with the extra added, and shows how much time and interest the extra buys you.
The effect is largest early in a loan, when the balance (and therefore the interest) is highest. It works on car loans, personal loans, student loans and mortgages alike — any fixed-rate loan where extra payments reduce principal without penalty.
extra payment → less principal → less interest → earlier payoff
Frequently Asked Questions
How much do extra payments save on a loan?
Every extra dollar reduces principal, so future interest is charged on a smaller balance. Enter your loan and an extra amount to see the exact months and interest saved.
Is it better to pay extra early or late in the loan?
Early. The balance — and the interest it generates — is largest at the start, so extra payments then remove the most interest over the loan’s life.
Are there penalties for paying a loan off early?
Most consumer loans have none, but some carry a prepayment penalty. Check your loan agreement before making large extra payments.
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