Loan Payoff Calculator
Calculate how extra payments impact your loan payoff time and total interest paid. See months and dollars saved.
How to Use Loan Payoff Calculator
The Loan Payoff Calculator is a free online tool that shows you exactly how much time and money you can save by making extra payments on your loan. Enter your current loan balance, interest rate, monthly payment, and any additional amount you can pay each month. The calculator shows your original payoff timeline versus the accelerated timeline, plus the total interest saved. Whether you have a mortgage, car loan, student loan, or personal loan, this tool helps you make informed decisions about extra payments. See the dramatic impact even small additional payments can have on reducing your total interest and payoff time.
Step-by-Step Instructions
- Enter your current loan balance and interest rate
- Enter your regular monthly payment amount
- Add the extra monthly payment you can make
- View time saved and interest saved instantly
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