Loan Early Payoff Calculator

See how much interest you can save and how quickly you can pay off your loan by making extra monthly payments.

  • Methods explained
  • Save scenarios
  • Compare saved scenarios

Loan Details

$
%
30 years
$

Payoff Comparison

Standard Payments

Monthly Payment$1,580
Payoff Time30
Total Interest$318,861

With Extra Payments

Monthly Payment$1,880
Payoff Time19
Total Interest$193,347
Time Saved10
Interest Saved$125,514
How it works›

Model and assumptions. Calculates interest on the remaining principal and applies the modeled payment to interest and then principal. Level payments use P × r / (1 − (1+r)^−n), with P/n at zero interest. Payment timing, fees and changing rates are included only where entered; a balloon or unpaid balance remains a liability.OpenStax: annuity formulas