Loan Payoff Calculator
See your monthly payment, payoff date, total interest, and exactly how much an extra payment saves you. Works for auto, personal, and student loans. Free, no sign-up, 100% private.
How it works
1. Enter your loan
Add the balance, interest rate (APR), and term — for any auto, personal, or student loan.
2. Add an extra payment
Try any extra monthly amount and watch how much faster the loan disappears.
3. See your savings
Get your payoff date, total interest, and the time and money an extra payment saves.
This calculator uses standard monthly-compounding amortization — the same math your lender uses. Enter your loan details and it instantly computes your required monthly payment, then simulates month by month how an extra payment shortens the loan and cuts interest.
How to pay off your loan faster
- Add a fixed extra payment. Even $50–$100 a month goes straight to principal and can save months of payments — try it above.
- Round up your payment. Rounding a $312 payment up to $350 is an easy, painless way to pay extra every month.
- Make biweekly payments. Paying half your monthly amount every two weeks results in 13 full payments a year instead of 12.
- Put windfalls toward principal. Tax refunds and bonuses make a big one-time dent — and every dollar of principal removed saves future interest.
- Refinance if rates dropped or your credit improved — a lower APR means more of each payment kills principal. See when refinancing is worth it.
Loan payoff guides
Go deeper with these plain-English guides:
Frequently asked questions
How can I pay off my loan faster?
Add an extra amount on top of your required monthly payment. Because the extra goes entirely to principal, it shrinks the balance faster, lowers the interest charged next month, and can cut months or years off the loan.
Does paying extra on a loan reduce interest?
Yes. Interest is charged on the remaining balance, so paying down principal faster means less interest accrues over the life of the loan. The calculator shows exactly how much you save.
Is there a prepayment penalty?
Most auto and personal loans have no prepayment penalty, but check your loan agreement. If yours does, weigh the penalty against the interest saved before paying extra.
Is this calculator free and private?
Yes — completely free, no sign-up, and every calculation runs in your browser. Your loan details are never uploaded anywhere.
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