Loan Repayment Calculator - Payoff Timeline
Calculate loan payoff months, total interest, total paid, and interest saved from balance, rate, payment, and extras. Plan extras.
Enter remaining balance, rate, term, the regular monthly payment, and optional extra principal to see payoff time and interest saved.
Loan Repayment Calculator - Payoff Timeline
Calculate loan payoff months, total interest, total paid, and interest saved from balance, rate, payment, and extras. Plan extras.
About the Loan Repayment Calculator
Paying extra principal is one of the few loan changes you can make without refinancing. The loan repayment calculator, also used as a loan payoff calculator, takes the balance you still owe, the annual rate, a maximum term, the regular monthly payment, and an optional extra amount, then walks the balance to zero. It reports months to payoff, interest on the accelerated path, total paid, and interest saved versus making only the regular payment.
Each month, interest is remaining balance times the annual rate divided by 1,200. Principal is the payment (regular plus extra) minus interest, and the balance falls by that principal. Leftover amounts under half a cent are cleared. The run stops at term times 12 months; if the regular-plus-extra payment cannot finish by then, the inputs are rejected. Interest saved needs a valid standard path with only the regular payment. If that regular payment is too small to finish inside the term, interest saved is reported as $0.00 even when extras still pay the loan off.
Use the loan repayment calculator to test $100 or $200 extra on a mortgage, to see whether a bonus applied monthly would cut years off a car note, or to confirm that a stated payment actually amortizes. A payment copied from a statement that was rounded down can fail the standard path while still succeeding with extras. Raise the regular payment by a dollar if you want a clean interest-saved figure.
The model is fixed-rate and monthly. It does not apply recasts, biweekly calendars, or a single lump sum in a chosen month. Term is a cap, not a new amortization of the current balance. If you recently refinanced, enter the new payment and the remaining term rather than the original 30 years unless that is still the contractual limit.
Compare interest saved with other uses of the cash, such as retirement contributions or high-rate card debt. Prepayment penalties, if any, are not subtracted. Re-run when the servicer recasts the payment or when you change the extra amount, and treat payoff months as a plan, not a guarantee that the lender will close the account on that exact date.
Loan Payoff Examples
Accelerated schedules add extra principal to the regular payment; interest saved compares that path with the regular payment alone.
| Scenario | Output | Planning note |
|---|---|---|
| $300,000 at 4.5% for 30 years, $1,521 payment plus $200 extra | 284 payoff months; $187,574.75 interest; $487,574.75 total paid; $59,268.33 interest saved | About $200 extra each month cuts more than six years and tens of thousands of interest. |
| $25,000 at 7.9% for 5 years, $506 payment, no extra | 60 payoff months; $5,339.06 interest; $30,339.06 total paid; $0.00 interest saved | With no extra principal, the loan finishes on schedule and interest saved is zero. |
| $180,000 at 6.25% for 15 years, $1,544 payment plus $300 extra | 137 payoff months; $72,065.13 interest; $252,065.13 total paid; $25,665.07 interest saved | Extra principal on a 15-year note still saves more than $25,000 and finishes years early. |
How to Calculate Loan Payoff Time
- Enter the current principal, annual rate, and remaining term cap in years.
- Enter the regular monthly principal-and-interest payment.
- Add optional extra principal you can send every month, or leave it blank.
- Calculate payoff months, interest, total paid, and interest saved.
- Raise the extra amount to see how many months you can cut.
Loan Repayment Calculator FAQ
Why is interest saved $0.00 even with extras?
The regular payment alone must also finish inside the term for a savings comparison. If it is a few cents short of amortizing, raise it slightly or treat the accelerated payoff as the planning result without a savings figure.
Is loan amount the original principal or today's balance?
Use the balance you still owe if you are mid-stream. The term should be the remaining contractual window, not necessarily the original 30 years.
Does extra payment include the regular payment?
No. Extra monthly payment is additional principal on top of the regular payment you entered.
What if my payment is too small?
If even the regular-plus-extra amount cannot cover interest and finish by the term cap, the loan repayment calculator returns an error. Increase the payment.
Are biweekly payments supported?
No. Model a biweekly plan approximately by converting the extra to a monthly equivalent, or use a dedicated biweekly schedule.