Early Loan Payoff Calculator

See how extra monthly payments shorten your loan and reduce total interest. Works for any loan type.

Remaining Loan Balance

Interest Rate (%)

Current Monthly Payment

Extra Monthly Payment

Additional amount above your required payment

Interest Saved with Extra Payments

$1,465.23

Without Extra Payments

Payoff time5yr 1mo

Total interest$4,395.15

With Extra Payments

Payoff time3yr 5mo

Total interest$2,929.91

💡 Impact

Adding $200.00/month shaves 20 months off your loan and saves $1,465.23 in interest.

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The Power of Extra Payments

Extra payments go directly to principal, reducing the balance that accrues interest. This creates a snowball effect — each extra payment makes your regular payments more effective by shifting more toward principal.

Strategies for Extra Payments

Round up your payment to the nearest $50 or $100. Use windfalls (bonuses, tax refunds) for one-time payments. Set up biweekly payments instead of monthly (equals one extra payment per year). Even $50/month extra makes a meaningful difference.

Frequently Asked Questions

How much do extra payments save?

Even modest extra payments create significant savings. Adding $100/month to a $25,000 auto loan at 6.5% saves over $800 in interest and pays off the loan 8 months early.

Should I pay extra on my loan or invest?

Compare your loan interest rate to expected investment returns. If your loan is at 4% and investments average 7%, investing may be better mathematically. But paying off debt provides a guaranteed 'return' and peace of mind.

Are there prepayment penalties?

Most personal and auto loans don't have prepayment penalties. Some mortgages do, especially in the first few years. Check your loan agreement before making extra payments.