Loan Payoff Calculator — See Your Payoff Date & Interest Savings [2026]
Calculate your loan payoff date, total interest, and how much extra payments save. Enter balance, rate, monthly payment, and extra payment for instant results.
Your current outstanding loan balance.
APR from your loan agreement (e.g., 6.5).
Your regular scheduled monthly payment.
Additional amount paid toward principal each month.
Payoff Summary
Amortization Schedule — First 12 Months
| Month | Payment | Principal | Interest | Remaining Balance |
|---|---|---|---|---|
| 1 | $300.00 | $218.75 | $81.25 | $14,781.25 |
| 2 | $300.00 | $219.93 | $80.07 | $14,561.32 |
| 3 | $300.00 | $221.13 | $78.87 | $14,340.19 |
| 4 | $300.00 | $222.32 | $77.68 | $14,117.86 |
| 5 | $300.00 | $223.53 | $76.47 | $13,894.34 |
| 6 | $300.00 | $224.74 | $75.26 | $13,669.60 |
| 7 | $300.00 | $225.96 | $74.04 | $13,443.64 |
| 8 | $300.00 | $227.18 | $72.82 | $13,216.46 |
| 9 | $300.00 | $228.41 | $71.59 | $12,988.05 |
| 10 | $300.00 | $229.65 | $70.35 | $12,758.40 |
| 11 | $300.00 | $230.89 | $69.11 | $12,527.51 |
| 12 | $300.00 | $232.14 | $67.86 | $12,295.37 |
Showing first 12 of 59 months. Loan payoff date: month 59.
Extra Payment Impact Scenarios
| Extra/Month | Payoff Time | Total Interest | Interest Saved |
|---|---|---|---|
| +$0.00/mo(current) | 4 yr 11 mo | $2,540.93 | — |
| +$50.00/mo | 4 yr 1 mo | $2,114.53 | +$426.40 |
| +$100.00/mo | 3 yr 7 mo | $1,812.72 | +$728.21 |
| +$200.00/mo | 2 yr 9 mo | $1,413.78 | +$1,127.15 |
| +$500.00/mo | 1 yr 8 mo | $860.68 | +$1,680.25 |
This calculator uses month-by-month amortization simulation. Results assume a fixed interest rate and consistent monthly payments. Check your loan agreement for prepayment penalties before making extra payments. Some lenders require you to specify that extra payments apply to principal.
What is Loan Payoff Calculator?
How to Use Loan Payoff Calculator
Enter your current loan balance, annual interest rate, regular monthly payment, and any extra payment you want to make each month. The calculator instantly shows your payoff date, total interest paid, total amount paid, and how much interest the extra payment saves you. Scroll down to view the first 12 months of your amortization schedule showing principal, interest, and remaining balance.
How Loan Payoff Calculator Works
Common Use Cases
- Finding out exactly when your car loan or personal loan will be paid off
- Calculating how much interest you save by adding $100–$500 extra per month
- Comparing regular payments vs accelerated payoff strategies
- Planning a budget that includes an accelerated loan payoff goal
- Visualizing your amortization schedule to understand how principal and interest change over time
Frequently Asked Questions
How much does an extra $100/month save on a loan?▼
On a $20,000 auto loan at 6% over 60 months, adding $100 extra per month cuts the payoff time from 60 to 48 months and saves approximately $600 in interest. On a $200,000 mortgage at 7%, an extra $100/month saves over $20,000 in interest and cuts 4 years from the loan term.
Does it matter when I make extra payments?▼
Earlier is always better. Extra payments made at the beginning of the loan reduce the balance on which all future interest is calculated, creating a compounding benefit. A $1,000 extra payment in month 1 saves far more than the same payment in month 59 of a 60-month loan.
What is an amortization schedule?▼
An amortization schedule is a table showing how each monthly payment is divided between interest and principal. At the start of a loan, most of your payment covers interest. As the balance shrinks, less goes to interest and more reduces the principal. This is why extra early payments are so powerful.
Can I make extra payments on any loan?▼
Most personal, auto, and student loans allow extra payments without penalty. Some mortgages have prepayment penalties in the first few years — check your loan agreement. Federal student loans always allow extra payments. Always specify that extra payments should go to principal, not toward future payments.
What is the difference between this and the debt payoff calculator?▼
This Loan Payoff Calculator focuses on a single fixed-rate loan and shows the detailed amortization schedule plus extra payment savings. The Debt Payoff Calculator is better for comparing multiple debts or modeling the snowball/avalanche payoff strategies across several accounts at once.
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