Loan Payoff Calculator
Enter your loan's current balance, APR and monthly payment. Add an extra monthly amount or a one-time lump sum to see how much time and interest you save.
Paid off in 3 years, 7 months · $982.13 interest saved See results
From your latest statement.
Principal and interest only.
Month 1 is your next payment.
This payment never pays it off
Time to pay off
3 years, 7 months
Total interest
$3,059.48
Interest saved
$982.13
vs 4 years, 8 months at your regular payment
Time saved
1 year, 1 month
- With extra payments
- Regular payment only
Month-by-month schedule
| Month | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $500.00 | $135.00 | $365.00 | $17,635.00 |
| 2 | $500.00 | $132.26 | $367.74 | $17,267.26 |
| 3 | $500.00 | $129.50 | $370.50 | $16,896.76 |
| 4 | $500.00 | $126.73 | $373.27 | $16,523.49 |
| 5 | $500.00 | $123.93 | $376.07 | $16,147.42 |
| 6 | $500.00 | $121.11 | $378.89 | $15,768.53 |
| 7 | $500.00 | $118.26 | $381.74 | $15,386.79 |
| 8 | $500.00 | $115.40 | $384.60 | $15,002.19 |
| 9 | $500.00 | $112.52 | $387.48 | $14,614.71 |
| 10 | $500.00 | $109.61 | $390.39 | $14,224.32 |
| 11 | $500.00 | $106.68 | $393.32 | $13,831.00 |
| 12 | $500.00 | $103.73 | $396.27 | $13,434.73 |
| 13 | $500.00 | $100.76 | $399.24 | $13,035.49 |
| 14 | $500.00 | $97.77 | $402.23 | $12,633.26 |
| 15 | $500.00 | $94.75 | $405.25 | $12,228.01 |
| 16 | $500.00 | $91.71 | $408.29 | $11,819.72 |
| 17 | $500.00 | $88.65 | $411.35 | $11,408.37 |
| 18 | $500.00 | $85.56 | $414.44 | $10,993.93 |
| 19 | $500.00 | $82.45 | $417.55 | $10,576.38 |
| 20 | $500.00 | $79.32 | $420.68 | $10,155.70 |
| 21 | $500.00 | $76.17 | $423.83 | $9,731.87 |
| 22 | $500.00 | $72.99 | $427.01 | $9,304.86 |
| 23 | $500.00 | $69.79 | $430.21 | $8,874.65 |
| 24 | $500.00 | $66.56 | $433.44 | $8,441.21 |
| 25 | $500.00 | $63.31 | $436.69 | $8,004.52 |
| 26 | $500.00 | $60.03 | $439.97 | $7,564.55 |
| 27 | $500.00 | $56.73 | $443.27 | $7,121.28 |
| 28 | $500.00 | $53.41 | $446.59 | $6,674.69 |
| 29 | $500.00 | $50.06 | $449.94 | $6,224.75 |
| 30 | $500.00 | $46.69 | $453.31 | $5,771.44 |
| 31 | $500.00 | $43.29 | $456.71 | $5,314.73 |
| 32 | $500.00 | $39.86 | $460.14 | $4,854.59 |
| 33 | $500.00 | $36.41 | $463.59 | $4,391.00 |
| 34 | $500.00 | $32.93 | $467.07 | $3,923.93 |
| 35 | $500.00 | $29.43 | $470.57 | $3,453.36 |
| 36 | $500.00 | $25.90 | $474.10 | $2,979.26 |
| 37 | $500.00 | $22.34 | $477.66 | $2,501.60 |
| 38 | $500.00 | $18.76 | $481.24 | $2,020.36 |
| 39 | $500.00 | $15.15 | $484.85 | $1,535.51 |
| 40 | $500.00 | $11.52 | $488.48 | $1,047.03 |
| 41 | $500.00 | $7.85 | $492.15 | $554.88 |
| 42 | $500.00 | $4.16 | $495.84 | $59.04 |
| 43 | $59.48 | $0.44 | $59.04 | $0.00 |
| Total | $21,059.48 | $3,059.48 | $18,000.00 | $0.00 |
More than one debt? Plan all your debts together in the debt payoff planner, with this loan already filled in.
How we calculate thisYour numbers never leave your device.
This loan payoff calculator shows when your loan will be paid off at your current payment and how much interest is left to pay. Add an extra monthly payment or a one-time lump sum, and it shows the new payoff time, the interest you save and how many months sooner you finish. It fits most fixed-rate loans.
How to use this calculator
- Enter your current balance. Use the payoff or principal balance from your latest statement or your lender’s app, not the original loan amount.
- Enter the APR. Your loan documents or statement show it.
- Enter your monthly payment. Use the principal and interest payment. Leave out anything your lender collects for insurance or fees.
- Add an extra monthly payment, if you plan to pay more each month.
- Add a one-time lump sum, such as a bonus or tax refund, and the month you expect to pay it.
If you know your original loan amount and term but not your current balance, the early loan payoff calculator works that out for you.
What the results mean
- Payoff time
- How many months until the balance reaches $0, and the payoff date. The last payment is usually smaller, because it covers only what's left.
- Total interest
- All the interest you pay from today until the loan is gone.
- Interest saved and time saved
- The difference between your plan with the extra and lump sum, and the same loan at your regular payment alone. Every extra dollar goes straight to principal in this calculation, so it also cuts the interest charged in every month after it.
Worked example
Say you owe $18,000 at 9% APR and pay $400 a month. You finish in 4 years, 8 months and pay $4,041.61 in interest.
Add $100 a month, for $500 in total. Now the loan is gone in 3 years, 7 months, and the interest drops to $3,059.48. The calculator above shows the exact months and dollars saved between the two.
Before you pay extra
Check for a prepayment penalty. The CFPB says your contract and state law decide whether you can pay a loan off early without a fee. Read the loan agreement and your Truth in Lending disclosures.
Check how interest is charged. With simple interest, charged on the balance you owe, extra payments cut interest. The CFPB says simple interest is far more common on auto loans than precomputed interest, where the interest is set at the start and spread across the payments, so paying early saves less.
Ask how extra payments are applied. Make sure your lender puts the extra toward principal rather than holding it as an early payment of next month’s bill.
How we calculate this
Each month the calculator adds interest at the APR divided by 12, rounded to the cent, then subtracts your payment plus any extra. A lump sum is subtracted in the month you enter. The final payment is exactly what’s left, so totals always add up. Real loans that charge interest daily can differ by a few dollars. See the methodology page.
Related
- Car loan payoff calculator: for auto loans, from the original terms.
- APR vs interest rate: which number to enter.
- Debt payoff calculator: this loan alongside your other debts.
FAQ
How do I calculate my loan payoff date?
Enter your current balance, APR and monthly payment above. The calculator charges one month of interest at the APR divided by 12, subtracts your payment, and repeats until the balance hits zero. The month that happens is your payoff date. Your lender’s payoff quote may differ slightly because of daily interest.
How much faster will I pay off my loan with extra payments?
It depends on your balance, rate and how much you add. An $18,000 loan at 9% goes from 4 years, 8 months to 3 years, 7 months when the payment rises from $400 to $500. Enter your own loan above to see the months and interest you would save.
Is it better to pay extra monthly or make a lump sum?
Money paid earlier saves more interest, so a lump sum today beats the same total spread over a year. But a steady monthly extra is easier for most budgets and adds up. You can enter both above and compare. The best choice is whichever you can keep up without draining your emergency savings.
Can I pay off my loan early without a penalty?
It depends on your contract and state law, according to the CFPB. Some loans charge a prepayment penalty, and some states prohibit them for certain loans. Check your loan agreement and Truth in Lending disclosures, or ask your lender directly before sending a large extra payment or a full payoff.
Why is my lender’s payoff amount different from the calculator?
If your lender charges interest daily, its payoff quote includes interest up to the exact payoff date. This calculator uses monthly interest at the APR divided by 12. The two usually differ by a few dollars. For the exact amount to close the loan, request a payoff quote from your lender.