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
Jan, 2038 May, 2033


Early Payoff Amortization Schedule

Payment Date Payment # Interest Paid Principal Paid Total Payment Remaining Balance
Nov, 2022 1 $562.50 $925.93 $1,488.43 $149,074.07
Dec, 2022 2 $559.03 $929.40 $1,488.43 $148,144.67
Jan, 2023 3 $555.54 $932.89 $1,488.43 $147,211.78
Feb, 2023 4 $552.04 $936.39 $1,488.43 $146,275.39
Mar, 2023 5 $548.53 $939.90 $1,488.43 $145,335.50
Apr, 2023 6 $545.01 $943.42 $1,488.43 $144,392.08
May, 2023 7 $541.47 $946.96 $1,488.43 $143,445.12
Jun, 2023 8 $537.92 $950.51 $1,488.43 $142,494.60
Jul, 2023 9 $534.35 $954.08 $1,488.43 $141,540.53
Aug, 2023 10 $530.78 $957.65 $1,488.43 $140,582.88
Sep, 2023 11 $527.19 $961.24 $1,488.43 $139,621.63
Oct, 2023 12 $523.58 $964.85 $1,488.43 $138,656.78
Nov, 2023 13 $519.96 $968.47 $1,488.43 $137,688.32
Dec, 2023 14 $516.33 $972.10 $1,488.43 $136,716.22
Jan, 2024 15 $512.69 $975.74 $1,488.43 $135,740.47
Feb, 2024 16 $509.03 $979.40 $1,488.43 $134,761.07
Mar, 2024 17 $505.35 $983.08 $1,488.43 $133,777.99
Apr, 2024 18 $501.67 $986.76 $1,488.43 $132,791.23
May, 2024 19 $497.97 $990.46 $1,488.43 $131,800.77
Jun, 2024 20 $494.25 $994.18 $1,488.43 $130,806.59
Jul, 2024 21 $490.52 $997.91 $1,488.43 $129,808.69
Aug, 2024 22 $486.78 $1,001.65 $1,488.43 $128,807.04
Sep, 2024 23 $483.03 $1,005.40 $1,488.43 $127,801.64
Oct, 2024 24 $479.26 $1,009.17 $1,488.43 $126,792.46
Nov, 2024 25 $475.47 $1,012.96 $1,488.43 $125,779.50
Dec, 2024 26 $471.67 $1,016.76 $1,488.43 $124,762.75
Jan, 2025 27 $467.86 $1,020.57 $1,488.43 $123,742.18
Feb, 2025 28 $464.03 $1,024.40 $1,488.43 $122,717.78
Mar, 2025 29 $460.19 $1,028.24 $1,488.43 $121,689.54
Apr, 2025 30 $456.34 $1,032.09 $1,488.43 $120,657.45
May, 2025 31 $452.47 $1,035.96 $1,488.43 $119,621.48
Jun, 2025 32 $448.58 $1,039.85 $1,488.43 $118,581.63
Jul, 2025 33 $444.68 $1,043.75 $1,488.43 $117,537.88
Aug, 2025 34 $440.77 $1,047.66 $1,488.43 $116,490.22
Sep, 2025 35 $436.84 $1,051.59 $1,488.43 $115,438.63
Oct, 2025 36 $432.89 $1,055.54 $1,488.43 $114,383.09
Nov, 2025 37 $428.94 $1,059.49 $1,488.43 $113,323.60
Dec, 2025 38 $424.96 $1,063.47 $1,488.43 $112,260.13
Jan, 2026 39 $420.98 $1,067.45 $1,488.43 $111,192.68
Feb, 2026 40 $416.97 $1,071.46 $1,488.43 $110,121.22
Mar, 2026 41 $412.95 $1,075.48 $1,488.43 $109,045.75
Apr, 2026 42 $408.92 $1,079.51 $1,488.43 $107,966.24
May, 2026 43 $404.87 $1,083.56 $1,488.43 $106,882.68
Jun, 2026 44 $400.81 $1,087.62 $1,488.43 $105,795.06
Jul, 2026 45 $396.73 $1,091.70 $1,488.43 $104,703.36
Aug, 2026 46 $392.64 $1,095.79 $1,488.43 $103,607.57
Sep, 2026 47 $388.53 $1,099.90 $1,488.43 $102,507.67
Oct, 2026 48 $384.40 $1,104.03 $1,488.43 $101,403.64
Nov, 2026 49 $380.26 $1,108.17 $1,488.43 $100,295.48
Dec, 2026 50 $376.11 $1,112.32 $1,488.43 $99,183.16
Jan, 2027 51 $371.94 $1,116.49 $1,488.43 $98,066.66
Feb, 2027 52 $367.75 $1,120.68 $1,488.43 $96,945.98
Mar, 2027 53 $363.55 $1,124.88 $1,488.43 $95,821.10
Apr, 2027 54 $359.33 $1,129.10 $1,488.43 $94,692.00
May, 2027 55 $355.09 $1,133.34 $1,488.43 $93,558.66
Jun, 2027 56 $350.84 $1,137.59 $1,488.43 $92,421.08
Jul, 2027 57 $346.58 $1,141.85 $1,488.43 $91,279.23
Aug, 2027 58 $342.30 $1,146.13 $1,488.43 $90,133.09
Sep, 2027 59 $338.00 $1,150.43 $1,488.43 $88,982.66
Oct, 2027 60 $333.68 $1,154.75 $1,488.43 $87,827.92
Nov, 2027 61 $329.35 $1,159.08 $1,488.43 $86,668.84
Dec, 2027 62 $325.01 $1,163.42 $1,488.43 $85,505.42
Jan, 2028 63 $320.65 $1,167.78 $1,488.43 $84,337.64
Feb, 2028 64 $316.27 $1,172.16 $1,488.43 $83,165.47
Mar, 2028 65 $311.87 $1,176.56 $1,488.43 $81,988.91
Apr, 2028 66 $307.46 $1,180.97 $1,488.43 $80,807.94
May, 2028 67 $303.03 $1,185.40 $1,488.43 $79,622.54
Jun, 2028 68 $298.58 $1,189.85 $1,488.43 $78,432.70
Jul, 2028 69 $294.12 $1,194.31 $1,488.43 $77,238.39
Aug, 2028 70 $289.64 $1,198.79 $1,488.43 $76,039.60
Sep, 2028 71 $285.15 $1,203.28 $1,488.43 $74,836.32
Oct, 2028 72 $280.64 $1,207.79 $1,488.43 $73,628.53
Nov, 2028 73 $276.11 $1,212.32 $1,488.43 $72,416.20
Dec, 2028 74 $271.56 $1,216.87 $1,488.43 $71,199.34
Jan, 2029 75 $267.00 $1,221.43 $1,488.43 $69,977.90
Feb, 2029 76 $262.42 $1,226.01 $1,488.43 $68,751.89
Mar, 2029 77 $257.82 $1,230.61 $1,488.43 $67,521.28
Apr, 2029 78 $253.20 $1,235.23 $1,488.43 $66,286.05
May, 2029 79 $248.57 $1,239.86 $1,488.43 $65,046.20
Jun, 2029 80 $243.92 $1,244.51 $1,488.43 $63,801.69
Jul, 2029 81 $239.26 $1,249.17 $1,488.43 $62,552.52
Aug, 2029 82 $234.57 $1,253.86 $1,488.43 $61,298.66
Sep, 2029 83 $229.87 $1,258.56 $1,488.43 $60,040.10
Oct, 2029 84 $225.15 $1,263.28 $1,488.43 $58,776.82
Nov, 2029 85 $220.41 $1,268.02 $1,488.43 $57,508.80
Dec, 2029 86 $215.66 $1,272.77 $1,488.43 $56,236.03
Jan, 2030 87 $210.89 $1,277.54 $1,488.43 $54,958.49
Feb, 2030 88 $206.09 $1,282.34 $1,488.43 $53,676.15
Mar, 2030 89 $201.29 $1,287.14 $1,488.43 $52,389.01
Apr, 2030 90 $196.46 $1,291.97 $1,488.43 $51,097.03
May, 2030 91 $191.61 $1,296.82 $1,488.43 $49,800.22
Jun, 2030 92 $186.75 $1,301.68 $1,488.43 $48,498.54
Jul, 2030 93 $181.87 $1,306.56 $1,488.43 $47,191.98
Aug, 2030 94 $176.97 $1,311.46 $1,488.43 $45,880.52
Sep, 2030 95 $172.05 $1,316.38 $1,488.43 $44,564.14
Oct, 2030 96 $167.12 $1,321.31 $1,488.43 $43,242.83
Nov, 2030 97 $162.16 $1,326.27 $1,488.43 $41,916.56
Dec, 2030 98 $157.19 $1,331.24 $1,488.43 $40,585.31
Jan, 2031 99 $152.19 $1,336.24 $1,488.43 $39,249.08
Feb, 2031 100 $147.18 $1,341.25 $1,488.43 $37,907.83
Mar, 2031 101 $142.15 $1,346.28 $1,488.43 $36,561.56
Apr, 2031 102 $137.11 $1,351.32 $1,488.43 $35,210.23
May, 2031 103 $132.04 $1,356.39 $1,488.43 $33,853.84
Jun, 2031 104 $126.95 $1,361.48 $1,488.43 $32,492.36
Jul, 2031 105 $121.85 $1,366.58 $1,488.43 $31,125.78
Aug, 2031 106 $116.72 $1,371.71 $1,488.43 $29,754.07
Sep, 2031 107 $111.58 $1,376.85 $1,488.43 $28,377.22
Oct, 2031 108 $106.41 $1,382.02 $1,488.43 $26,995.20
Nov, 2031 109 $101.23 $1,387.20 $1,488.43 $25,608.01
Dec, 2031 110 $96.03 $1,392.40 $1,488.43 $24,215.61
Jan, 2032 111 $90.81 $1,397.62 $1,488.43 $22,817.98
Feb, 2032 112 $85.57 $1,402.86 $1,488.43 $21,415.12
Mar, 2032 113 $80.31 $1,408.12 $1,488.43 $20,007.00
Apr, 2032 114 $75.03 $1,413.40 $1,488.43 $18,593.59
May, 2032 115 $69.73 $1,418.70 $1,488.43 $17,174.89
Jun, 2032 116 $64.41 $1,424.02 $1,488.43 $15,750.87
Jul, 2032 117 $59.07 $1,429.36 $1,488.43 $14,321.50
Aug, 2032 118 $53.71 $1,434.72 $1,488.43 $12,886.78
Sep, 2032 119 $48.33 $1,440.10 $1,488.43 $11,446.67
Oct, 2032 120 $42.93 $1,445.50 $1,488.43 $10,001.17
Nov, 2032 121 $37.50 $1,450.93 $1,488.43 $8,550.24
Dec, 2032 122 $32.06 $1,456.37 $1,488.43 $7,093.88
Jan, 2033 123 $26.60 $1,461.83 $1,488.43 $5,632.05
Feb, 2033 124 $21.12 $1,467.31 $1,488.43 $4,164.74
Mar, 2033 125 $15.62 $1,472.81 $1,488.43 $2,691.93
Apr, 2033 126 $10.09 $1,478.34 $1,488.43 $1,213.59
May, 2033 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.

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