loan calculator

Loan Payoff Calculator


Loan Payoff Calculator to learn how much you can save in interest payments when you payoff your loan early. Early loan payoff calculator has option to calculate early payoff based on extra payments each month or a desire payoff year.

Early Loan Payoff Calculator

Loan Balance
$
Interest Rate
Current Monthly Payment
$
Extra Monthly Payment
$
OR
Desired Payoff Years
years

Original vs. Early Payoff

Original Early Payoff
Monthly Payment
$1,138.43
$1,488.43
Expected Payoff Time
183 months
127 months
Total Interest
$57,253.91 $38,760.32
Total Principal
$150,000.00 $150,000.00
Total Payment
$207,253.91 $188,760.32
Total Interest Savings
$0 $18,493.59
Payoff Date
Apr, 2039 Aug, 2034


Early Payoff Amortization Schedule

Payment Date Payment # Interest Paid Principal Paid Total Payment Remaining Balance
Feb, 2024 1 $562.50 $925.93 $1,488.43 $149,074.07
Mar, 2024 2 $559.03 $929.40 $1,488.43 $148,144.67
Apr, 2024 3 $555.54 $932.89 $1,488.43 $147,211.78
May, 2024 4 $552.04 $936.39 $1,488.43 $146,275.39
Jun, 2024 5 $548.53 $939.90 $1,488.43 $145,335.50
Jul, 2024 6 $545.01 $943.42 $1,488.43 $144,392.08
Aug, 2024 7 $541.47 $946.96 $1,488.43 $143,445.12
Sep, 2024 8 $537.92 $950.51 $1,488.43 $142,494.60
Oct, 2024 9 $534.35 $954.08 $1,488.43 $141,540.53
Nov, 2024 10 $530.78 $957.65 $1,488.43 $140,582.88
Dec, 2024 11 $527.19 $961.24 $1,488.43 $139,621.63
Jan, 2025 12 $523.58 $964.85 $1,488.43 $138,656.78
Feb, 2025 13 $519.96 $968.47 $1,488.43 $137,688.32
Mar, 2025 14 $516.33 $972.10 $1,488.43 $136,716.22
Apr, 2025 15 $512.69 $975.74 $1,488.43 $135,740.47
May, 2025 16 $509.03 $979.40 $1,488.43 $134,761.07
Jun, 2025 17 $505.35 $983.08 $1,488.43 $133,777.99
Jul, 2025 18 $501.67 $986.76 $1,488.43 $132,791.23
Aug, 2025 19 $497.97 $990.46 $1,488.43 $131,800.77
Sep, 2025 20 $494.25 $994.18 $1,488.43 $130,806.59
Oct, 2025 21 $490.52 $997.91 $1,488.43 $129,808.69
Nov, 2025 22 $486.78 $1,001.65 $1,488.43 $128,807.04
Dec, 2025 23 $483.03 $1,005.40 $1,488.43 $127,801.64
Jan, 2026 24 $479.26 $1,009.17 $1,488.43 $126,792.46
Feb, 2026 25 $475.47 $1,012.96 $1,488.43 $125,779.50
Mar, 2026 26 $471.67 $1,016.76 $1,488.43 $124,762.75
Apr, 2026 27 $467.86 $1,020.57 $1,488.43 $123,742.18
May, 2026 28 $464.03 $1,024.40 $1,488.43 $122,717.78
Jun, 2026 29 $460.19 $1,028.24 $1,488.43 $121,689.54
Jul, 2026 30 $456.34 $1,032.09 $1,488.43 $120,657.45
Aug, 2026 31 $452.47 $1,035.96 $1,488.43 $119,621.48
Sep, 2026 32 $448.58 $1,039.85 $1,488.43 $118,581.63
Oct, 2026 33 $444.68 $1,043.75 $1,488.43 $117,537.88
Nov, 2026 34 $440.77 $1,047.66 $1,488.43 $116,490.22
Dec, 2026 35 $436.84 $1,051.59 $1,488.43 $115,438.63
Jan, 2027 36 $432.89 $1,055.54 $1,488.43 $114,383.09
Feb, 2027 37 $428.94 $1,059.49 $1,488.43 $113,323.60
Mar, 2027 38 $424.96 $1,063.47 $1,488.43 $112,260.13
Apr, 2027 39 $420.98 $1,067.45 $1,488.43 $111,192.68
May, 2027 40 $416.97 $1,071.46 $1,488.43 $110,121.22
Jun, 2027 41 $412.95 $1,075.48 $1,488.43 $109,045.75
Jul, 2027 42 $408.92 $1,079.51 $1,488.43 $107,966.24
Aug, 2027 43 $404.87 $1,083.56 $1,488.43 $106,882.68
Sep, 2027 44 $400.81 $1,087.62 $1,488.43 $105,795.06
Oct, 2027 45 $396.73 $1,091.70 $1,488.43 $104,703.36
Nov, 2027 46 $392.64 $1,095.79 $1,488.43 $103,607.57
Dec, 2027 47 $388.53 $1,099.90 $1,488.43 $102,507.67
Jan, 2028 48 $384.40 $1,104.03 $1,488.43 $101,403.64
Feb, 2028 49 $380.26 $1,108.17 $1,488.43 $100,295.48
Mar, 2028 50 $376.11 $1,112.32 $1,488.43 $99,183.16
Apr, 2028 51 $371.94 $1,116.49 $1,488.43 $98,066.66
May, 2028 52 $367.75 $1,120.68 $1,488.43 $96,945.98
Jun, 2028 53 $363.55 $1,124.88 $1,488.43 $95,821.10
Jul, 2028 54 $359.33 $1,129.10 $1,488.43 $94,692.00
Aug, 2028 55 $355.09 $1,133.34 $1,488.43 $93,558.66
Sep, 2028 56 $350.84 $1,137.59 $1,488.43 $92,421.08
Oct, 2028 57 $346.58 $1,141.85 $1,488.43 $91,279.23
Nov, 2028 58 $342.30 $1,146.13 $1,488.43 $90,133.09
Dec, 2028 59 $338.00 $1,150.43 $1,488.43 $88,982.66
Jan, 2029 60 $333.68 $1,154.75 $1,488.43 $87,827.92
Feb, 2029 61 $329.35 $1,159.08 $1,488.43 $86,668.84
Mar, 2029 62 $325.01 $1,163.42 $1,488.43 $85,505.42
Apr, 2029 63 $320.65 $1,167.78 $1,488.43 $84,337.64
May, 2029 64 $316.27 $1,172.16 $1,488.43 $83,165.47
Jun, 2029 65 $311.87 $1,176.56 $1,488.43 $81,988.91
Jul, 2029 66 $307.46 $1,180.97 $1,488.43 $80,807.94
Aug, 2029 67 $303.03 $1,185.40 $1,488.43 $79,622.54
Sep, 2029 68 $298.58 $1,189.85 $1,488.43 $78,432.70
Oct, 2029 69 $294.12 $1,194.31 $1,488.43 $77,238.39
Nov, 2029 70 $289.64 $1,198.79 $1,488.43 $76,039.60
Dec, 2029 71 $285.15 $1,203.28 $1,488.43 $74,836.32
Jan, 2030 72 $280.64 $1,207.79 $1,488.43 $73,628.53
Feb, 2030 73 $276.11 $1,212.32 $1,488.43 $72,416.20
Mar, 2030 74 $271.56 $1,216.87 $1,488.43 $71,199.34
Apr, 2030 75 $267.00 $1,221.43 $1,488.43 $69,977.90
May, 2030 76 $262.42 $1,226.01 $1,488.43 $68,751.89
Jun, 2030 77 $257.82 $1,230.61 $1,488.43 $67,521.28
Jul, 2030 78 $253.20 $1,235.23 $1,488.43 $66,286.05
Aug, 2030 79 $248.57 $1,239.86 $1,488.43 $65,046.20
Sep, 2030 80 $243.92 $1,244.51 $1,488.43 $63,801.69
Oct, 2030 81 $239.26 $1,249.17 $1,488.43 $62,552.52
Nov, 2030 82 $234.57 $1,253.86 $1,488.43 $61,298.66
Dec, 2030 83 $229.87 $1,258.56 $1,488.43 $60,040.10
Jan, 2031 84 $225.15 $1,263.28 $1,488.43 $58,776.82
Feb, 2031 85 $220.41 $1,268.02 $1,488.43 $57,508.80
Mar, 2031 86 $215.66 $1,272.77 $1,488.43 $56,236.03
Apr, 2031 87 $210.89 $1,277.54 $1,488.43 $54,958.49
May, 2031 88 $206.09 $1,282.34 $1,488.43 $53,676.15
Jun, 2031 89 $201.29 $1,287.14 $1,488.43 $52,389.01
Jul, 2031 90 $196.46 $1,291.97 $1,488.43 $51,097.03
Aug, 2031 91 $191.61 $1,296.82 $1,488.43 $49,800.22
Sep, 2031 92 $186.75 $1,301.68 $1,488.43 $48,498.54
Oct, 2031 93 $181.87 $1,306.56 $1,488.43 $47,191.98
Nov, 2031 94 $176.97 $1,311.46 $1,488.43 $45,880.52
Dec, 2031 95 $172.05 $1,316.38 $1,488.43 $44,564.14
Jan, 2032 96 $167.12 $1,321.31 $1,488.43 $43,242.83
Feb, 2032 97 $162.16 $1,326.27 $1,488.43 $41,916.56
Mar, 2032 98 $157.19 $1,331.24 $1,488.43 $40,585.31
Apr, 2032 99 $152.19 $1,336.24 $1,488.43 $39,249.08
May, 2032 100 $147.18 $1,341.25 $1,488.43 $37,907.83
Jun, 2032 101 $142.15 $1,346.28 $1,488.43 $36,561.56
Jul, 2032 102 $137.11 $1,351.32 $1,488.43 $35,210.23
Aug, 2032 103 $132.04 $1,356.39 $1,488.43 $33,853.84
Sep, 2032 104 $126.95 $1,361.48 $1,488.43 $32,492.36
Oct, 2032 105 $121.85 $1,366.58 $1,488.43 $31,125.78
Nov, 2032 106 $116.72 $1,371.71 $1,488.43 $29,754.07
Dec, 2032 107 $111.58 $1,376.85 $1,488.43 $28,377.22
Jan, 2033 108 $106.41 $1,382.02 $1,488.43 $26,995.20
Feb, 2033 109 $101.23 $1,387.20 $1,488.43 $25,608.01
Mar, 2033 110 $96.03 $1,392.40 $1,488.43 $24,215.61
Apr, 2033 111 $90.81 $1,397.62 $1,488.43 $22,817.98
May, 2033 112 $85.57 $1,402.86 $1,488.43 $21,415.12
Jun, 2033 113 $80.31 $1,408.12 $1,488.43 $20,007.00
Jul, 2033 114 $75.03 $1,413.40 $1,488.43 $18,593.59
Aug, 2033 115 $69.73 $1,418.70 $1,488.43 $17,174.89
Sep, 2033 116 $64.41 $1,424.02 $1,488.43 $15,750.87
Oct, 2033 117 $59.07 $1,429.36 $1,488.43 $14,321.50
Nov, 2033 118 $53.71 $1,434.72 $1,488.43 $12,886.78
Dec, 2033 119 $48.33 $1,440.10 $1,488.43 $11,446.67
Jan, 2034 120 $42.93 $1,445.50 $1,488.43 $10,001.17
Feb, 2034 121 $37.50 $1,450.93 $1,488.43 $8,550.24
Mar, 2034 122 $32.06 $1,456.37 $1,488.43 $7,093.88
Apr, 2034 123 $26.60 $1,461.83 $1,488.43 $5,632.05
May, 2034 124 $21.12 $1,467.31 $1,488.43 $4,164.74
Jun, 2034 125 $15.62 $1,472.81 $1,488.43 $2,691.93
Jul, 2034 126 $10.09 $1,478.34 $1,488.43 $1,213.59
Aug, 2034 127 $4.55 $1,213.59 $1,218.14 $0.00


Pros and cons of paying off a loan?

The main reason that borrowers want to pay off their loans or home mortgages earlier is to save money on interest. Depending on the loan amount, interest rate, and terms, paying off a loan earlier may save the borrower thousands of dollars in interest. Let's discuss the pros and cons of paying off a loan early.


Benefits of paying off a loan

  • Save money - When you pay off your loan, you no longer need to pay interest on the amount borrowed. The interest payment you save could go to your savings, investment, or retirement accounts.

  • Peace of mind - After you pay off the loan early, there is no need to remind yourself to make the monthly payment giving you peace of mind.

  • More money to spend - You will have more money to spend since you don't have to pay for the loan anymore.

  • Lower debt-to-income ratio - If you are looking to apply for a mortgage to purchase a home, lenders will look at the debt-to-income ratio to determine whether you qualify. With a lower debt-to-income ratio, you expect to borrow more money on a mortgage at a more favorable interest rate.

Drawbacks of paying off a loan

While paying off a loan early has many advantages, you will need to decide whether it is for you as there are also drawbacks.


  • Prepayment penalties - There might be penalties for paying off your loan or home mortgage earlier. Talk to your lender before paying off the remaining balance of your loan.

  • Other debt with higher interest - If you have a loan with low interest and you have other debt such as credit cards with high-interest rates, then you shouldn't pay off the loan. Start paying off the debt with the highest interest rate before paying off the ones with low interest.

  • Emergency fund - It is recommended that you have an emergency fund that can last you a year or longer. If you don't have an emergency fund yet, you may need to think twice before paying off your loan.

  • Other business or investment opportunities - Are there any other business or investment opportunities that you have that may give you a higher return rate than the interest you are paying on the loan? If there is, then you should use the money for that investment instead of paying the loan off.



How long will it take to pay off my loan?

When you take out a loan, the term of the loan is when you will pay off the loan. For example, if you apply for a car loan for $20,000 with a 6-year term, you will pay off the loan in 6 years unless you make extra payments for the principal.


How much does paying extra on a mortgage save?

Let's take a look at how much you can save by paying extra on a mortgage or loan. For example, after a few years of payment on your mortgage, you still have a mortgage balance of $250,000. The interest rate is 5.55%, and the monthly payment is $1,538.43. Mortgage Balance: $250,000 Interest Rate: 5.55% Monthly Payment: $1,538.43 With the current monthly payment, it will take another 25 years to pay off your mortgage. Payoff Years: 302 months or 25.2 years Total Interest Payment: $214,305.04


What if you pay $400 extra each month, how long will you pay off the mortgage and how much can you save on interest? Extra Monthly Payment: $400 Payoff Years: 197 months or 16.4 years Total Interest Payment: $131,251.74 Total Savings: $83,053.30 As you can see from the above, paying $400 extra each month is about 26% more than the regular payment, and you can save $83,053.30 on interest (38.75% savings). On top of that, you pay off your mortgage almost 9 years earlier.


How to use the early loan payoff calculator?

There are two ways to use the early loan payoff calculator, either by making extra payments on top of your current monthly payment or by having a desired number of years to pay off. Loan Balance: The remaining balance of your loan or mortgage Interest Rate: The interest rate that you are paying for your loan Current Monthly Payment: How much are you paying each month? Extra Monthly Payment: How much extra are you willing to pay each month? Desired Payoff Years: The number of years that you wish to pay off the loan. You can choose to calculate by extra monthly payment or desired payoff years.




Early Loan Payoff FAQs

Does paying off a loan earlier impact your credit score?

  • Your credit score may or may not improve when you pay off a loan. A good credit score takes time to build. When you pay your credit card debt or other loans on time, your credit score improves overall time.
  • After paying off your loan, if you have no other debt or credit card bills to pay, your credit score could go down as there will be fewer opportunities for you to build a credit history.

Should I pay off my loan early?

  • Whether or not you should pay off your loan earlier depends on your situation. We've talked about the pros and cons of paying off earlier, read that part and then decide whether paying off your loan is a good choice.

How to pay off a loan fast?

  • There are two ways to pay off a loan fast, by making or saving more money or both.
  • You can try to improve your skills in your job and make extra money on the side or ask for a raise in your current position
  • You can also try to save more by eating out less frequently, making your own coffee in the morning, and bringing your own lunch to the office. Buy food and drinks in bulk from Costco rather than from the deli or the supermarket next block.

Loan Calculator | Terms | Privacy | Disclaimer | Contact

©2024 Loan Calculator