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.

	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	Jan, 2038	May, 2033

Payment Date	Payment #	Interest Paid	Principal Paid	Total Payment	Remaining Balance
Early Payoff Amortization Schedule
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.

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