Early Loan Payoff

Find the effect of an extra monthly payment.

Your numbers

Enter your numbers to see the result.

How Early Loan Payoff works

Each month, add interest at APR ÷ 12 and subtract the payment. Repeat with the extra payment to compare interest and payoff months. Payments must exceed the monthly interest.

A worked example

These sample values illustrate the calculation. Use your own numbers in the calculator for your result.

Example inputs

Loan balance ($): 18000
APR (%): 6.5
Remaining term (months): 48
Current monthly payment ($): 430
Extra monthly payment ($): 100

Interest saved: $523.14
Original payoff: 48 months
Original payoff date: 2030-10-01
New payoff: 38 months

Assumptions and limits

Payoff timing follows the entered payment and balance. The entered remaining term is shown for comparison. Assumes monthly payments with no prepayment fees.

Check lender terms and manufacturer guidance. These estimates do not replace a mechanical inspection.