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What this calculator does
Estimate when extra payments could clear a loan balance sooner.
How to use this calculator
- Enter current balance, interest rate, scheduled payment, and extra amount.
- Review the calculation assumptions before using the result.
- The payoff date and interest saved show the impact of paying more.
How to calculate
Enter the values requested by the loan payoff calculator.
Worked example
With the example values shown above, the monthly repayment is $121.33, and the total repayment is $14,559.31, and the interest payment is $4,559.31.
Understanding your result
The payoff date and interest saved show the impact of paying more.
- Confirm prepayment rules with your lender.
- Double-check values and units before calculating.
This calculator is educational and is not financial or medical advice.
Frequently asked questions
What does this loan payoff calculator do?
Estimate when extra payments could clear a loan balance sooner.
How do I use this loan payoff calculator?
Enter current balance, interest rate, scheduled payment, and extra amount.
What does the result mean?
The payoff date and interest saved show the impact of paying more.
What should I check before relying on it?
Confirm prepayment rules with your lender.
How is the extra payment applied to the loan?
Extra payments are applied directly to the principal on top of the scheduled payment, which reduces the balance faster and cuts the interest that would otherwise accrue on it.
Will paying extra always save the same amount of interest?
No — extra payments made earlier in the loan save more interest than the same amount paid later, since they reduce the balance while more time, and interest, remains on the loan.