Introduction
This loan payoff calculator shows you exactly when your loan will be paid off and how much interest you will pay. Enter your loan balance, interest rate, and monthly payment to see your full payoff timeline. You can also add extra payments — monthly, yearly, or a one-time lump sum — to see how much time and money you could save. The calculator builds a side-by-side comparison, charts, and a complete amortization schedule so you can plan the fastest, cheapest way to become debt-free.
How to Use Our Loan Payoff Calculator
Enter your loan details and any extra payments you plan to make. The calculator will show you when your loan will be paid off, how much interest you will pay, and how much time and money you can save.
Current Loan Balance: Type the total amount you still owe on your loan. This is your remaining principal balance.
Annual Interest Rate: Enter the yearly interest rate on your loan. You can find this on your loan statement. It must be between 0.01% and 99.99%. If you need help understanding the difference between your interest rate and APR, try our APR calculator.
Current Monthly Payment: Enter the regular payment you make each month. This must be high enough to cover your monthly interest or the loan will never be paid off. If you need to figure out the right monthly payment for your loan, use our loan payment calculator.
First Payment Date: Pick the month and year of your next payment. The calculator uses this date to build your payoff timeline.
Extra Monthly Payment: Enter any extra amount you want to add to your payment each month. You can type a number or drag the slider. This field is optional.
One-Time Extra Payment: Enter a single lump-sum amount you plan to pay one time. This field is optional.
One-Time Payment — Month #: Choose which payment month the one-time lump sum will be applied. For example, enter 6 to apply it on your 6th payment.
Annual Extra Payment: Enter an extra amount you want to pay once every 12 months. This field is optional.
Annual Payment — Start Month #: Choose which payment month your yearly extra payment starts. It will repeat every 12 months from that point.
What Is a Loan Payoff Calculator?
A loan payoff calculator shows you how long it will take to pay off a loan and how much interest you will pay in total. You enter your current loan balance, interest rate, and monthly payment. The calculator then builds a payment schedule that shows every month until your loan reaches zero. If you want a broader look at your loan terms and total cost, our general loan calculator is a great starting point. For a detailed month-by-month breakdown of principal and interest, you can also explore our amortization calculator.
How Extra Payments Help You Save Money
Every month, part of your payment goes toward interest and part goes toward your actual loan balance (called the principal). When you make extra payments, that money goes straight to the principal. A smaller principal means less interest builds up the next month. Over time, this creates a snowball effect — you pay off your loan faster and spend less money on interest. To understand how interest accumulates on your balance, our interest calculator can help you see the numbers clearly.
There are three common ways to make extra payments:
- Extra monthly payments — a set amount added to your regular payment each month.
- One-time lump sum — a single large payment, such as from a tax refund or bonus.
- Annual extra payment — one additional payment made once a year.
Why Paying Off a Loan Early Matters
Interest adds up quickly, especially on large loans with high rates. Even a small extra payment each month can save you hundreds or thousands of dollars over the life of a loan. For example, adding just $50 a month to a car loan or student loan payment can cut months off your payoff date. The earlier you start making extra payments, the more money you keep in your pocket. If you are paying off a car, our auto loan calculator can help you map out a specific plan for your vehicle financing.
Use this calculator to compare your current payment plan against a plan with extra payments. You will see exactly how much time and money you can save. If you are juggling multiple debts, consider using our debt payoff calculator to plan a strategy across all your balances. You might also look into the debt snowball calculator or debt avalanche calculator to find the best order to tackle your debts. For credit card balances specifically, our credit card payoff calculator is designed to handle revolving debt. And if you are focused on your mortgage, our mortgage payoff calculator and mortgage extra payment calculator offer tools tailored to home loans.