Loan Payoff Calculator
Enter your loan details below to see how extra monthly payments affect your payoff date and total interest paid.
Your loan details
Your first payment breakdown
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How to use this calculator
Enter your current loan balance, annual interest rate, and regular monthly payment. The calculator instantly shows your payoff date and full payment breakdown. To see the impact of extra payments, fill in the "Extra amount per month" field — you'll see exactly how many years you cut and how much interest you avoid paying.
How do extra payments work?
Every extra dollar goes directly to your principal balance. A smaller principal means less interest accrues the next month, so more of your regular payment goes toward principal — a snowball effect that grows over time.
On a $300,000 loan at 6.75% over 30 years, paying just $200 extra per month saves over $60,000 in interest and cuts nearly 5 years off the loan. The earlier you start, the bigger the impact — extra payments in year 1 are worth far more than the same payments in year 20.
Tips for paying off your loan faster
Make biweekly payments. Split your monthly payment in half and pay every two weeks. You'll make 26 half-payments per year — one extra full payment annually — with no noticeable budget impact.
Round up your payment. If your payment is $1,847, paying $1,900 or $2,000 each month adds up to years saved over the life of the loan.
Apply windfalls directly to principal. Tax refunds, bonuses, or any lump sum applied once can permanently shift your payoff date.
Frequently asked questions
No — with most conventional loans, your required monthly payment stays the same. Extra payments shorten the loan term and reduce total interest instead. Some lenders (particularly auto loans) may recalculate, so check your loan agreement to be sure.
It depends on your interest rates. Paying down a 6.75% loan is a guaranteed 6.75% return. If you can reliably earn more in an investment account, investing may make more sense. Most financial advisors recommend building a 3–6 month emergency fund first, then applying extra cash to high-interest debt.
Refinancing to a 15-year term has the biggest impact but raises your required payment. If you want flexibility, making large extra payments whenever possible keeps your required payment low while building equity faster. Even $500 extra per month on a $300,000 loan at 6.75% cuts the loan from 30 to just over 20 years.
Most modern mortgages have no prepayment penalty. However, some older mortgages and certain personal or auto loans do charge a fee. Check your loan documents or ask your lender before making large extra payments.