Loan Payoff Calculator

Home Equity Rates Mortgage Rates

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

	Original	Early Payoff
Original vs. 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	Sep, 2040	Jan, 2036

Payment Date	Payment #	Interest Paid	Principal Paid	Total Payment	Remaining Balance
Early Payoff Amortization Schedule
Jul, 2025	1	$562.50	$925.93	$1,488.43	$149,074.07
Aug, 2025	2	$559.03	$929.40	$1,488.43	$148,144.67
Sep, 2025	3	$555.54	$932.89	$1,488.43	$147,211.78
Oct, 2025	4	$552.04	$936.39	$1,488.43	$146,275.39
Nov, 2025	5	$548.53	$939.90	$1,488.43	$145,335.50
Dec, 2025	6	$545.01	$943.42	$1,488.43	$144,392.08
Jan, 2026	7	$541.47	$946.96	$1,488.43	$143,445.12
Feb, 2026	8	$537.92	$950.51	$1,488.43	$142,494.60
Mar, 2026	9	$534.35	$954.08	$1,488.43	$141,540.53
Apr, 2026	10	$530.78	$957.65	$1,488.43	$140,582.88
May, 2026	11	$527.19	$961.24	$1,488.43	$139,621.63
Jun, 2026	12	$523.58	$964.85	$1,488.43	$138,656.78
Jul, 2026	13	$519.96	$968.47	$1,488.43	$137,688.32
Aug, 2026	14	$516.33	$972.10	$1,488.43	$136,716.22
Sep, 2026	15	$512.69	$975.74	$1,488.43	$135,740.47
Oct, 2026	16	$509.03	$979.40	$1,488.43	$134,761.07
Nov, 2026	17	$505.35	$983.08	$1,488.43	$133,777.99
Dec, 2026	18	$501.67	$986.76	$1,488.43	$132,791.23
Jan, 2027	19	$497.97	$990.46	$1,488.43	$131,800.77
Feb, 2027	20	$494.25	$994.18	$1,488.43	$130,806.59
Mar, 2027	21	$490.52	$997.91	$1,488.43	$129,808.69
Apr, 2027	22	$486.78	$1,001.65	$1,488.43	$128,807.04
May, 2027	23	$483.03	$1,005.40	$1,488.43	$127,801.64
Jun, 2027	24	$479.26	$1,009.17	$1,488.43	$126,792.46
Jul, 2027	25	$475.47	$1,012.96	$1,488.43	$125,779.50
Aug, 2027	26	$471.67	$1,016.76	$1,488.43	$124,762.75
Sep, 2027	27	$467.86	$1,020.57	$1,488.43	$123,742.18
Oct, 2027	28	$464.03	$1,024.40	$1,488.43	$122,717.78
Nov, 2027	29	$460.19	$1,028.24	$1,488.43	$121,689.54
Dec, 2027	30	$456.34	$1,032.09	$1,488.43	$120,657.45
Jan, 2028	31	$452.47	$1,035.96	$1,488.43	$119,621.48
Feb, 2028	32	$448.58	$1,039.85	$1,488.43	$118,581.63
Mar, 2028	33	$444.68	$1,043.75	$1,488.43	$117,537.88
Apr, 2028	34	$440.77	$1,047.66	$1,488.43	$116,490.22
May, 2028	35	$436.84	$1,051.59	$1,488.43	$115,438.63
Jun, 2028	36	$432.89	$1,055.54	$1,488.43	$114,383.09
Jul, 2028	37	$428.94	$1,059.49	$1,488.43	$113,323.60
Aug, 2028	38	$424.96	$1,063.47	$1,488.43	$112,260.13
Sep, 2028	39	$420.98	$1,067.45	$1,488.43	$111,192.68
Oct, 2028	40	$416.97	$1,071.46	$1,488.43	$110,121.22
Nov, 2028	41	$412.95	$1,075.48	$1,488.43	$109,045.75
Dec, 2028	42	$408.92	$1,079.51	$1,488.43	$107,966.24
Jan, 2029	43	$404.87	$1,083.56	$1,488.43	$106,882.68
Feb, 2029	44	$400.81	$1,087.62	$1,488.43	$105,795.06
Mar, 2029	45	$396.73	$1,091.70	$1,488.43	$104,703.36
Apr, 2029	46	$392.64	$1,095.79	$1,488.43	$103,607.57
May, 2029	47	$388.53	$1,099.90	$1,488.43	$102,507.67
Jun, 2029	48	$384.40	$1,104.03	$1,488.43	$101,403.64
Jul, 2029	49	$380.26	$1,108.17	$1,488.43	$100,295.48
Aug, 2029	50	$376.11	$1,112.32	$1,488.43	$99,183.16
Sep, 2029	51	$371.94	$1,116.49	$1,488.43	$98,066.66
Oct, 2029	52	$367.75	$1,120.68	$1,488.43	$96,945.98
Nov, 2029	53	$363.55	$1,124.88	$1,488.43	$95,821.10
Dec, 2029	54	$359.33	$1,129.10	$1,488.43	$94,692.00
Jan, 2030	55	$355.09	$1,133.34	$1,488.43	$93,558.66
Feb, 2030	56	$350.84	$1,137.59	$1,488.43	$92,421.08
Mar, 2030	57	$346.58	$1,141.85	$1,488.43	$91,279.23
Apr, 2030	58	$342.30	$1,146.13	$1,488.43	$90,133.09
May, 2030	59	$338.00	$1,150.43	$1,488.43	$88,982.66
Jun, 2030	60	$333.68	$1,154.75	$1,488.43	$87,827.92
Jul, 2030	61	$329.35	$1,159.08	$1,488.43	$86,668.84
Aug, 2030	62	$325.01	$1,163.42	$1,488.43	$85,505.42
Sep, 2030	63	$320.65	$1,167.78	$1,488.43	$84,337.64
Oct, 2030	64	$316.27	$1,172.16	$1,488.43	$83,165.47
Nov, 2030	65	$311.87	$1,176.56	$1,488.43	$81,988.91
Dec, 2030	66	$307.46	$1,180.97	$1,488.43	$80,807.94
Jan, 2031	67	$303.03	$1,185.40	$1,488.43	$79,622.54
Feb, 2031	68	$298.58	$1,189.85	$1,488.43	$78,432.70
Mar, 2031	69	$294.12	$1,194.31	$1,488.43	$77,238.39
Apr, 2031	70	$289.64	$1,198.79	$1,488.43	$76,039.60
May, 2031	71	$285.15	$1,203.28	$1,488.43	$74,836.32
Jun, 2031	72	$280.64	$1,207.79	$1,488.43	$73,628.53
Jul, 2031	73	$276.11	$1,212.32	$1,488.43	$72,416.20
Aug, 2031	74	$271.56	$1,216.87	$1,488.43	$71,199.34
Sep, 2031	75	$267.00	$1,221.43	$1,488.43	$69,977.90
Oct, 2031	76	$262.42	$1,226.01	$1,488.43	$68,751.89
Nov, 2031	77	$257.82	$1,230.61	$1,488.43	$67,521.28
Dec, 2031	78	$253.20	$1,235.23	$1,488.43	$66,286.05
Jan, 2032	79	$248.57	$1,239.86	$1,488.43	$65,046.20
Feb, 2032	80	$243.92	$1,244.51	$1,488.43	$63,801.69
Mar, 2032	81	$239.26	$1,249.17	$1,488.43	$62,552.52
Apr, 2032	82	$234.57	$1,253.86	$1,488.43	$61,298.66
May, 2032	83	$229.87	$1,258.56	$1,488.43	$60,040.10
Jun, 2032	84	$225.15	$1,263.28	$1,488.43	$58,776.82
Jul, 2032	85	$220.41	$1,268.02	$1,488.43	$57,508.80
Aug, 2032	86	$215.66	$1,272.77	$1,488.43	$56,236.03
Sep, 2032	87	$210.89	$1,277.54	$1,488.43	$54,958.49
Oct, 2032	88	$206.09	$1,282.34	$1,488.43	$53,676.15
Nov, 2032	89	$201.29	$1,287.14	$1,488.43	$52,389.01
Dec, 2032	90	$196.46	$1,291.97	$1,488.43	$51,097.03
Jan, 2033	91	$191.61	$1,296.82	$1,488.43	$49,800.22
Feb, 2033	92	$186.75	$1,301.68	$1,488.43	$48,498.54
Mar, 2033	93	$181.87	$1,306.56	$1,488.43	$47,191.98
Apr, 2033	94	$176.97	$1,311.46	$1,488.43	$45,880.52
May, 2033	95	$172.05	$1,316.38	$1,488.43	$44,564.14
Jun, 2033	96	$167.12	$1,321.31	$1,488.43	$43,242.83
Jul, 2033	97	$162.16	$1,326.27	$1,488.43	$41,916.56
Aug, 2033	98	$157.19	$1,331.24	$1,488.43	$40,585.31
Sep, 2033	99	$152.19	$1,336.24	$1,488.43	$39,249.08
Oct, 2033	100	$147.18	$1,341.25	$1,488.43	$37,907.83
Nov, 2033	101	$142.15	$1,346.28	$1,488.43	$36,561.56
Dec, 2033	102	$137.11	$1,351.32	$1,488.43	$35,210.23
Jan, 2034	103	$132.04	$1,356.39	$1,488.43	$33,853.84
Feb, 2034	104	$126.95	$1,361.48	$1,488.43	$32,492.36
Mar, 2034	105	$121.85	$1,366.58	$1,488.43	$31,125.78
Apr, 2034	106	$116.72	$1,371.71	$1,488.43	$29,754.07
May, 2034	107	$111.58	$1,376.85	$1,488.43	$28,377.22
Jun, 2034	108	$106.41	$1,382.02	$1,488.43	$26,995.20
Jul, 2034	109	$101.23	$1,387.20	$1,488.43	$25,608.01
Aug, 2034	110	$96.03	$1,392.40	$1,488.43	$24,215.61
Sep, 2034	111	$90.81	$1,397.62	$1,488.43	$22,817.98
Oct, 2034	112	$85.57	$1,402.86	$1,488.43	$21,415.12
Nov, 2034	113	$80.31	$1,408.12	$1,488.43	$20,007.00
Dec, 2034	114	$75.03	$1,413.40	$1,488.43	$18,593.59
Jan, 2035	115	$69.73	$1,418.70	$1,488.43	$17,174.89
Feb, 2035	116	$64.41	$1,424.02	$1,488.43	$15,750.87
Mar, 2035	117	$59.07	$1,429.36	$1,488.43	$14,321.50
Apr, 2035	118	$53.71	$1,434.72	$1,488.43	$12,886.78
May, 2035	119	$48.33	$1,440.10	$1,488.43	$11,446.67
Jun, 2035	120	$42.93	$1,445.50	$1,488.43	$10,001.17
Jul, 2035	121	$37.50	$1,450.93	$1,488.43	$8,550.24
Aug, 2035	122	$32.06	$1,456.37	$1,488.43	$7,093.88
Sep, 2035	123	$26.60	$1,461.83	$1,488.43	$5,632.05
Oct, 2035	124	$21.12	$1,467.31	$1,488.43	$4,164.74
Nov, 2035	125	$15.62	$1,472.81	$1,488.43	$2,691.93
Dec, 2035	126	$10.09	$1,478.34	$1,488.43	$1,213.59
Jan, 2036	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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Mortgage Payoff Calculator
Loan Balance	$
Interest Rate
Current Monthly Payment	$
Extra Monthly Payment	$
	OR
Desired Payoff Years	years