Loan payoff calculator
Estimate when a loan could be paid off.
Enter a balance, interest rate, regular monthly payment, and optional extra payment to estimate payoff time, total interest, total paid, and the savings from paying extra.
Calculator
Loan Payoff Calculator
Use this for personal loans, auto loans, student loans, or other fixed-payment debt. Always check your lender for prepayment rules and exact payoff quotes.
- Total interest
- $0
- Total paid
- $0
- Estimated savings
- $0
How to use it
Compare regular payments with extra monthly payments
This loan payoff calculator estimates how long it may take to pay off a balance when interest is charged monthly and you make the same payment each month. It also compares the regular payment against the regular payment plus an extra monthly amount.
Start with the balance from your latest statement, the annual percentage rate, and your required monthly payment. Then enter an extra amount you could afford each month, such as $25, $50, $100, or more.
The result shows the estimated payoff time, total interest, total paid, and the difference compared with the current payment alone. If the calculator says the payment is too low, the monthly payment does not cover enough interest and principal to fully repay the loan.
Extra payments usually help most when the interest rate is high and the remaining term is long. Even a small extra amount can reduce interest if it is applied to principal and repeated every month.
Formula
How payoff time is estimated
The calculator repeats a monthly payoff cycle until the balance reaches zero.
Monthly interest = remaining balance x annual rate / 12
New balance = remaining balance + monthly interest - monthly payment
The extra payment is added to the current monthly payment before the payoff cycle runs. This makes the estimate easy to compare against your current payment plan.
Loan payoff notes
Common payoff questions
Can I use this for a credit card?
You can use it for a rough debt payoff estimate, but credit cards may use daily interest, changing minimum payments, promotional rates, and new purchases. Use your card issuer's payoff quote for exact numbers.
Does this include prepayment penalties?
No. Some loans may have prepayment rules, payoff fees, or interest timing rules. Check your loan agreement before making large extra payments.
Should extra payments go to principal?
For the biggest interest savings, ask the lender how to apply extra payments directly to principal instead of future scheduled payments.
Why does interest saved matter?
Interest saved shows the long-term effect of paying faster. A lower balance sooner means less interest has time to accumulate.