Loan Payoff Calculator

How the loan payoff calculator works

This calculator uses the standard amortization formula to turn three inputs — your current balance, your annual interest rate, and the number of years left — into a fixed monthly payment. It then walks through your loan month by month, applying interest and subtracting principal, until the balance hits zero. That's how it knows your exact payoff date and the total interest you'll pay over the life of the loan.

The interesting part is the extra payment field. Any amount you add on top of the required payment goes straight to principal. Because it never accrues interest again, one extra payment today removes a little balance and all the future interest that balance would have generated. That compounding is why small, consistent extra payments can shave years off a mortgage.

How much do extra payments really save?

On a 30-year, $250,000 loan at 6.5%, paying just $200 extra each month pays the loan off almost eight years early and saves roughly $97,000 in interest. The higher your rate and the longer your term, the bigger the payoff from paying ahead. Try different extra amounts above to find a number that fits your budget.

What loans can I use this for?

Any fixed-rate amortizing loan works: mortgages, auto loans, student loans, and personal loans. Enter the outstanding balance (not the original loan amount), the APR from your statement, and the years remaining. Your numbers stay in your browser — nothing is saved or sent anywhere.