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Loan Payoff Calculator: See How Extra Payments Help

Enter your balance, APR and payment to see when your loan will be paid off and how much time and interest extra monthly payments save.

Loan payoff calculator

Example defaults: an $8,000 balance at 15.99% APR paid at $250 a month, plus $100 extra.

Paying as scheduled
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With the extra payment
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Estimates only, based on the numbers you enter. Example defaults are illustrations, not offers. A lender's written Truth in Lending disclosure shows your actual APR, finance charge and payment schedule. Nothing you type here is saved or sent.

Quick answer

Enter your current loan balance, APR and monthly payment to see your payoff date and total interest, then add an extra monthly amount to see how much sooner you finish and how much interest you save.

Want to be done with a loan sooner? This calculator shows your current payoff timeline and what an extra monthly payment does to it.

How it works

The calculator runs your loan month by month: interest is added at your APR divided by 12, then your payment is subtracted. It repeats until the balance reaches zero, once at your current payment and once with the extra amount.

Worked example

PaymentTime to pay offTotal interest
As scheduled$25042 monthsabout $2,498
With $100 extra$35028 monthsabout $1,605

An $8,000 balance at 15.99% APR. The extra $100 a month saves about $893 and 14 months. Worked examples are arithmetic illustrations, not offers.

Before you pay extra

    • Check for a prepayment penalty. See no prepayment penalty rules.
    • Tell the lender to apply extra money to principal, not to the next month's payment.
    • Keep an emergency cushion, so you do not end up borrowing again at a higher rate.

Other ways to finish sooner

  • Refinance to a lower APR, if your credit has improved.
  • Put windfalls such as a tax refund toward principal.

Paying off several debts? Use the debt payoff calculator.

Ready to see real numbers? Use the form on this page to check whether partner lenders may have an offer, with the APR and full payment schedule shown before you commit, or call (800) 236-7761.

Examples are illustrations, not offers. Approval, APR and terms depend on the lender, your state and your credit profile.

Questions about loan payoff calculator: see how extra payments help

How do extra payments save money?

Extra money goes to principal, which lowers the balance that interest is charged on. That shortens the loan and reduces total interest.

Is there a penalty for paying off a loan early?

Some loans have prepayment penalties. The CFPB explains what they are; check your loan agreement before paying ahead.

Should I pay off a loan early or save?

It depends on the APR and your safety net. Many people keep some emergency savings before paying ahead on a loan.

Does paying off a loan early hurt my credit?

Paying off the loan closes the account. See our guide on how personal loans affect your credit.

Sources

  1. CFPB: What is a prepayment penalty? (accessed 2026-10-09)
  2. CFPB: Regulation Z (Truth in Lending), 12 CFR Part 1026 (accessed 2026-10-09)
  3. CFPB: What is the difference between a loan interest rate and the APR? (accessed 2026-10-09)

Last updated 2026-10-09. How we research and update pages.

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