Loan Payoff Calculator
This tool estimates how long it will take to pay off a loan. Enter the balance, rate, term, and any extra monthly payment, and the output shows payoff timing and interest impact. Use it when you want to compare a standard payoff plan with a faster one.
Payoff with extra payment
Enter values to calculate.
How this is calculated
We apply standard amortization: each period interest accrues on the balance, then your payment (plus any extra) reduces principal. The schedule repeats until the balance reaches zero.
Use this tool for
Use it to compare minimum payments vs accelerated payoff, or to estimate interest saved when you add a fixed extra each month.
Common questions
How is the payment calculated?
We use the standard amortization formula: rate and term determine the monthly payment.
Is this a substitute for a lender quote?
No. Use for planning; actual terms depend on your lender and situation.
