📉 Early Payoff Calculator

Compare the total cost of making regular loan payments vs paying extra each month.

⚠️ Disclaimer: This tool provides estimates only. Actual loan terms may vary. Check with your lender for prepayment penalties or restrictions before making extra payments.

Current Loan Balance ($)

Annual Interest Rate (%)

Remaining Term (months)

Extra Monthly Payment ($)

Regular: Total Interest

Accelerated: Total Interest

Interest Saved

Paid Off In

0 months

How Early Payoff Works

When you make extra payments toward your loan principal, you reduce the balance faster, which means less interest accrues over time. This calculator compares the total interest paid under your current payment plan vs. an accelerated plan with extra monthly payments.

Even small additional payments can have a significant impact over the life of a loan. For example, adding $50 per month to a $10,000 loan at 8% APR could save you hundreds of dollars in interest and shorten the repayment term by months or even years.

Reference: Investopedia - Pay Off Loan Early