Loan early payoff calculator
Enter your current balance, the months left and when you want to be done, to see the payment that gets you there.
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Processing and privacy: The result is calculated inside your browser and your data is not sent to any server.
How to use it
- Enter current loan balance, annual interest rate, months left now and pay off within.
- The result appears straight away and updates as you edit.
- Copy the result, or copy a link that keeps the same values to share it.
How it is calculated
Current payment = B × r ÷ (1 − (1 + r)^−n), and the required payment uses the same formula with the target months. Interest saved = current payment × n − required payment × target.
Example
Inputs: Current loan balance = 50,000, Annual interest rate = 6 %, Months left now = 60 months, Pay off within = 36 months. Result: Required monthly payment: 1,521.10; Current payment: 966.64; Extra per month: 554.46.
Limits and caveats
- Assumes your current payment is the standard amortizing payment for the balance and months left.
- Some contracts charge an early payoff fee or precompute interest, so check your terms.
Questions about this tool
Where do I find my current balance?
On your loan statement or banking app, or estimate it with the remaining loan balance calculator.
Does any higher payment save interest?
Yes on declining balance loans, since the extra goes to principal and shrinks what interest is charged on.
What if I want to add a fixed amount instead?
Use the extra payment calculator. It works out the new payoff time and savings from a set extra amount.