Loan payoff calculator
See how monthly or one-time extra payments change the payoff date and interest on a fixed-rate loan.
Your estimate
- Estimated payoff month
- May 2030
- Months without extras
- 51
- Interest with extras
- $2,157.89
- Interest saved
- $565.96
View monthly payoff schedule
| Month | Payment | Interest | Balance |
|---|---|---|---|
| 1 | $900.00 | $100.00 | $14,200.00 |
| 2 | $400.00 | $94.67 | $13,894.67 |
| 3 | $400.00 | $92.63 | $13,587.30 |
| 4 | $400.00 | $90.58 | $13,277.88 |
| 5 | $400.00 | $88.52 | $12,966.40 |
| 6 | $400.00 | $86.44 | $12,652.84 |
| 7 | $400.00 | $84.35 | $12,337.19 |
| 8 | $400.00 | $82.25 | $12,019.44 |
| 9 | $400.00 | $80.13 | $11,699.57 |
| 10 | $400.00 | $78.00 | $11,377.57 |
| 11 | $400.00 | $75.85 | $11,053.42 |
| 12 | $400.00 | $73.69 | $10,727.11 |
| 13 | $400.00 | $71.51 | $10,398.62 |
| 14 | $400.00 | $69.32 | $10,067.94 |
| 15 | $400.00 | $67.12 | $9,735.06 |
| 16 | $400.00 | $64.90 | $9,399.96 |
| 17 | $400.00 | $62.67 | $9,062.63 |
| 18 | $400.00 | $60.42 | $8,723.05 |
| 19 | $400.00 | $58.15 | $8,381.20 |
| 20 | $400.00 | $55.87 | $8,037.07 |
| 21 | $400.00 | $53.58 | $7,690.65 |
| 22 | $400.00 | $51.27 | $7,341.92 |
| 23 | $400.00 | $48.95 | $6,990.87 |
| 24 | $400.00 | $46.61 | $6,637.48 |
| 25 | $400.00 | $44.25 | $6,281.73 |
| 26 | $400.00 | $41.88 | $5,923.61 |
| 27 | $400.00 | $39.49 | $5,563.10 |
| 28 | $400.00 | $37.09 | $5,200.19 |
| 29 | $400.00 | $34.67 | $4,834.86 |
| 30 | $400.00 | $32.23 | $4,467.09 |
| 31 | $400.00 | $29.78 | $4,096.87 |
| 32 | $400.00 | $27.31 | $3,724.18 |
| 33 | $400.00 | $24.83 | $3,349.01 |
| 34 | $400.00 | $22.33 | $2,971.34 |
| 35 | $400.00 | $19.81 | $2,591.15 |
| 36 | $400.00 | $17.27 | $2,208.42 |
| 37 | $400.00 | $14.72 | $1,823.14 |
| 38 | $400.00 | $12.15 | $1,435.29 |
| 39 | $400.00 | $9.57 | $1,044.86 |
| 40 | $400.00 | $6.97 | $651.83 |
| 41 | $400.00 | $4.35 | $256.18 |
| 42 | $257.89 | $1.71 | $0.00 |
Assumes monthly interest, a fixed rate, and a first payment next month. Excludes fees and prepayment penalties.
How extra payments change loan payoff
Worked example
On a $15,000 balance at 8% with a $350 monthly payment, adding $50 a month and $500 to the first payment cuts the estimate from 51 to 42 months and saves $565.96 in interest.
Each month, the estimate applies one-twelfth of the stated annual interest rate to the outstanding balance and rounds the charge to cents. Payments cover interest first, then reduce the balance. The last payment may be smaller.
The baseline uses your regular payment alone. Check with the lender that extra amounts reduce principal. Loans that accrue interest daily can give a different result, and loans with precomputed interest need a different calculation.