Loan Payoff Calculator

Compare your current loan payoff path with extra monthly or one-time payments, then see interest saved, total paid saved, and the updated payoff date.

Current balance ($)

APR (%) Required monthly payment ($)

Acceleration plan

Extra monthly payment ($)

One-time lump sum month (optional) One-time lump sum amount ($)

Display currency

Change the displayed currency without altering the payoff math.

Currency

Result

$456.51

Interest saved by adding $75.00 per month to the baseline payment.

Time saved: 10 months
Total paid saved: $456.51
Baseline payoff: Apr 2030
Accelerated payoff: Jun 2029

	Baseline	Accelerated
Monthly outflow	$360.00	$435.00
Payoff time	4 yr 1 mo	3 yr 3 mo
Total interest	$2,312.74	$1,856.23
Total paid	$17,312.74	$16,856.23

How to use this

The accelerated path assumes the extra monthly payment continues until payoff. If you add a lump sum, it is applied in the selected month on top of the recurring payment.

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Loan Payoff

Loan payoff calculator guide: extra payments, lump sums, and earlier debt-free dates

A loan payoff calculator compares your current payoff path with an accelerated payoff plan that adds extra monthly payments, a one-time lump sum, or both. This version keeps the loan fixed-rate and month based so you can see how much interest and total paid may fall when extra principal is applied earlier in the schedule.

About this calculator

Reviewed 2026-03-21

Methodology

Simulates a baseline fixed-rate monthly payoff path and a second accelerated path that adds the entered extra monthly payment and any optional one-time lump sum, then compares payoff date, total interest, and total paid across the two schedules.

Limitations

Assumes a fixed APR and monthly payment cadence throughout the payoff period.
Does not model prepayment penalties, variable rates, skipped payments, or lender-specific posting conventions.
Uses the entered current balance and required payment as the starting point and does not add new borrowing.
This is an educational payoff-planning estimate, not a lender statement.

Disclaimer

Use this result as a payoff-planning estimate only. Before making large extra payments, confirm any prepayment rules or fees in your loan agreement.

Sources

CFPB — What is a prepayment penalty? — Official CFPB guidance on early-payoff fees and when they may apply.
CFPB — How does paying down a mortgage work? — Official CFPB explainer on amortisation and the effect of extra principal payments.

See our calculation methodology and editorial standards for how this estimate is produced.

What this calculator compares

A standard amortising loan already has a built-in payoff path based on the current balance, APR, and required monthly payment. The useful planning question is what changes if you push extra money to principal. That extra money can be a steady monthly amount, a one-time lump sum, or a combination of the two.

This calculator compares a baseline path against one accelerated path. The result is expressed as time saved, interest saved, total paid saved, and the difference between the baseline payoff date and the accelerated payoff date.

Core payoff maths

Each month begins with interest on the remaining balance. The payment first covers that month’s interest and the rest reduces principal. When you add an extra monthly amount or a lump sum, more principal disappears earlier, which leaves a smaller balance for the next month’s interest calculation.

That is the reason extra payments can reduce total interest even when the APR never changes. The faster principal falls, the fewer interest dollars accumulate over the remaining life of the loan.

Monthly interest = Remaining balance x (APR / 12)

APR is converted into a monthly rate for the fixed-rate payoff simulation.

Accelerated payment = Required monthly payment + Extra monthly payment + Optional lump sum

The calculator adds the extra payment every month and applies any one-time lump sum in the selected month.

Interest saved = Baseline total interest - Accelerated total interest

This is the direct cost reduction from paying principal earlier.

Worked example: 15,000 at 7.2% with 75 extra each month

Suppose the current balance is 15,000, APR is 7.2%, and the required monthly payment is 360. In the baseline plan, this calculator estimates payoff in 49 months with about 2,312.74 of total interest and a payoff date around April 2030 from a March 2026 start point.

Add 75 extra each month and the accelerated path shortens to 39 months with about 1,856.23 of total interest and payoff around June 2029. That simple change saves about 10 months and about 456.52 in interest, with the same amount also showing up as total paid saved because the principal balance itself is unchanged.

What this estimate excludes

This page is a fixed-rate payoff planner only. It does not include variable rates, lender recasting, skipped payments, late fees, new borrowing, or any prepayment penalty that may apply under your actual loan documents.

If your loan charges a prepayment penalty or restricts extra principal payments, the real savings can be lower than this estimate. Check the lender agreement before relying on the accelerated path.

Loan Payoff Calculator

$456.51

Loan payoff calculator guide: extra payments, lump sums, and earlier debt-free dates

What this calculator compares

Core payoff maths

Worked example: 15,000 at 7.2% with 75 extra each month

What this estimate excludes

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