Loan Payoff Calculator
Find out how fast you can be debt-free on any installment loan and how much interest you save by adding extra each month.
Your numbers
- Time saved
- 1.08 years
- Payoff time with extra
- 41 months
- Payoff time without extra
- 54 months
- Regular
- With extra
How the loan payoff calculator works
We apply your regular payment plus extra to the balance monthly, accruing interest at the loan’s monthly rate until the balance reaches zero.
Example
Using the default inputs (Current balance: $18,000; Interest rate: 7.5%; Current monthly payment: $400; Extra per month: $100), the calculator returns interest saved of $746. Change any field above to see your own result and charts update instantly.
Good for these goals
Frequently asked questions
Does extra payment lower my monthly bill?
Usually not; it shortens the term. Ask your lender to recast if you want a lower payment.
Which debt first?
Typically the one with the highest interest rate, unless motivation matters more.
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Estimates are for educational purposes only and are not financial, tax or legal advice. Results depend on your inputs and simplified assumptions; tax figures reflect 2026 federal rules and may differ from your situation. See our disclaimer. © 2026 FinanzCalc.