Extra Payment Payoff Calculator
Enter your loan balance, rate, term, and how much extra you can pay each month. See the new payoff date and total interest saved. Works for mortgages, auto loans, and other amortizing loans.
Payoff with extra payment
Enter values to calculate.
How it works
We apply the extra amount to principal each month and recalculate. The loan pays off earlier and you pay less interest. Assumes the lender applies extra to principal.
When to use it
Use it to decide how much extra to pay, to compare different extra amounts, or to see payoff date for debt payoff plans.
Frequently asked questions
Do I have to pay extra every month?
No. You can model a fixed extra amount; actual payments can vary.
Prepayment penalties?
Some loans have them. Check your contract before paying extra.