Loan Payoff Calculator with Extra Payments

How to use

1. Enter the current balance, interest rate and your normal monthly payment.
2. Type the extra amount you could add each month — even $50 moves the date.
3. Hit calculate to run both amortizations to zero.
4. Compare months saved, interest saved and the two payoff dates.

General information only — not medical, financial or legal advice. Figures cross-checked against public official sources (IRS / HMRC / NHS / WHO guidance); content last reviewed September 2026. For decisions that matter, confirm with a licensed professional in your country.

About this tool

Extra payments work because amortization is just a loop — so this loan payoff calculator runs the loop twice. Give it your balance, interest rate and current monthly payment, then any extra amount you could add each month; it simulates every payment of the baseline loan and the accelerated loan, month by month, and reports the honest difference: months saved, interest saved, and both payoff dates in plain calendar terms. There is no rounding trickery — the final partial payment is handled exactly, so the interest totals match what an amortization schedule would print. Watch how the savings respond as you nudge the extra amount: on a 7 percent loan the first extra dollars do the most work, because every dollar of extra principal stops accruing for the whole remaining term. Recasting, lump sums and prepayment penalties are not modeled, and this is an educational estimate rather than financial advice — confirm penalty terms with your lender before wiring anything.

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