Loan Payoff Calculator
See how much faster you pay off a loan with extra monthly payments.
Adding even a modest amount to your regular loan payment can meaningfully shorten how long you're in debt — this shows exactly how many months and how much interest you'd save.
Why extra payments have outsized impact
Extra payments apply directly to principal, which reduces the balance interest is calculated on for every remaining month of the loan — so an extra payment made early in the loan saves more interest than the same extra payment made later.
Frequently asked questions
Does my lender apply extra payments to principal automatically?
Not always — some lenders apply extra payments to future scheduled payments instead of principal by default. Confirm with your lender that extra payments are specifically applied to principal.
Is there a penalty for paying off a loan early?
Some loans include a prepayment penalty — check your loan agreement before making large extra payments.