See how fast you can pay off your loan with extra payments. Calculate payoff date and total interest saved. Free loan payoff calculator.
Remaining principal
Current loan APR
Current total monthly payment (P&I)
Additional amount to add each month
This tool is for informational purposes only. It is not legal, tax, or financial advice. Results are estimates; actual figures may vary. For decisions involving loans, taxes, or investments, please consult a qualified professional.
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Paying extra on your loan each month can significantly shorten the payoff time and save you thousands in interest. Our free loan payoff calculator lets you enter your current balance, interest rate, monthly payment, and an optional extra payment to see your new payoff date and total interest saved. No sign-up required. Use it for mortgages, auto loans, personal loans, or any amortizing loan. For standard payment estimates, use our loan calculator or mortgage calculator.
When you make an extra payment (or add a fixed amount to each monthly payment), the extra goes toward principal. That reduces the balance faster, so less interest accrues each month. Over time you pay off the loan sooner and pay less total interest. For example, on a $250,000 mortgage at 6% for 30 years, the standard payment is about $1,499 per month and total interest is about $289,600. Adding $200 per month can cut the term to roughly 24 years and save over $60,000 in interest. Our loan payoff calculator shows the exact payoff date and interest saved for your numbers.
Enter your current loan balance (remaining principal). Enter the annual interest rate and your current monthly payment (principal and interest). Optionally enter an extra amount you can add each month. Click Calculate. The calculator shows how many months until payoff with and without the extra payment, and how much interest you save. You can try different extra amounts to see the trade-off between payoff speed and monthly budget. This tool assumes a fixed rate and fixed payment; if your loan has a different structure, results are approximate.
Making extra payments keeps your existing loan and reduces term and interest. Refinancing replaces the loan with a new one (often at a lower rate or different term). If your current rate is high, refinancing might save more than extra payments; if your rate is already low, extra payments can be simpler and avoid closing costs. Use our calculator to see the impact of extra payments, and our mortgage calculator to compare a new loan. For credit card debt, use our credit card payoff calculator.
Balance: $200,000. Rate: 5.5%. Current payment: $1,136/month. Without extra: payoff in about 30 years, total interest about $209,000. With $150 extra per month: payoff in about 25 years, total interest about $168,000—saving roughly $41,000 and 5 years. Enter these into the loan payoff calculator to confirm. Small extra amounts add up; even $50 or $100 per month can shorten the term and save a lot over time.
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Extra payments on your loan can shorten the payoff period and save a substantial amount in interest. Our free loan payoff calculator shows the new payoff date and total interest saved when you add an optional extra payment. Use it with our loan and mortgage calculators to plan your payoff strategy. This tool is for estimation; actual savings depend on your loan terms and any prepayment rules.
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Extra payments reduce the principal balance faster, so you pay less interest over time and pay off the loan sooner. For example, adding $100 per month to a $200,000 mortgage at 6% can shorten the term by several years and save tens of thousands in interest.
It depends on your loan rate and investment returns. If your loan rate is high (e. g. above 6–7%), paying extra often makes sense. If your rate is low and you can earn more in the market, investing may be better.
The calculator applies your regular monthly payment plus any extra amount to the balance each month. Interest is charged on the remaining balance. As principal shrinks faster with extra payments, less interest accrues. Enter current balance, interest rate, regular monthly payment, and optional extra payment; the tool shows payoff time and total interest with and without the extra.
No. Extra payments typically reduce the term (number of months) and total interest, not the required monthly payment. Your minimum payment stays the same unless you refinance. To see how a lower payment would look on a new loan, use our mortgage calculator or loan calculator.