Loan Payoff Calculator
How much sooner the loan ends and how much interest is saved with extra payments — a clear comparison of the regular plan and the faster plan.
Original Total Interest
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New Payoff Time (months)
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New Total Interest
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Interest Saved
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Months Sooner
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How to use
- Enter the loan amount, rate and original term.
- Enter the extra amount you can pay each month, and if you want to pay a lump sum in the first month, enter that too.
- See the new payoff time, interest saved and how many months sooner the loan ends.
- Give the bank written instructions to apply extra payments to the principal.
Note
The calculation assumes the bank charges no prepayment penalty. Some banks take early settlement charges — check your loan agreement.