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Use this loan payoff calculator for a clear financial estimate. Results update instantly in your browser.
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
Monthly payment = P × r(1 + r)ⁿ / ((1 + r)ⁿ − 1) + extra payment; the balance is updated each month.
Enter the values requested by the loan payoff calculator.
Worked example
Use the default values as a worked example, then replace them with your own figures.
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.