Loan Payoff Calculator
The loan payoff calculator shows how an extra monthly payment reduces the time to pay off a loan and the total interest paid. Enter the current balance, annual interest rate, current monthly payment, and extra monthly payment. The calculator shows months saved, interest saved, and new payoff date. Even small extra payments can make a big difference over time.
Loan payoff calculator: frequently asked questions
How does extra payment reduce interest?
Extra payments reduce principal faster, so future interest charges (which are based on remaining balance) are lower. The loan is paid off sooner, saving total interest.
What is a reasonable extra payment?
Even 25-50 extra per month can significantly reduce payoff time and interest. The amount depends on your budget and loan type.
Can I pay off a 30-year mortgage in 15 years?
Yes, by making larger payments. Use this calculator to see how much extra per month is needed to achieve your payoff goal.
What happens to the monthly payment?
The regular payment stays the same. You add an extra amount on top of the regular payment each month.
Can I vary the extra payment?
This calculator assumes a fixed extra payment each month. For variable extra payments, you would need to recalculate.
Official sources
- Wikipedia: Amortization Schedule.
Reviewed by the CalculatorHub team, edited by James Graham, 14 June 2026. See our methodology.