Early Loan Payoff

See the effect of extra payments on a remaining loan.

Your numbers

Enter your numbers to see the result.

How Early Loan Payoff works

Compare the remaining amortization schedule with a schedule that adds your extra payment each month. Both schedules use the same starting balance and fixed APR.

A worked example

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

Example inputs

Remaining balance: 15000
APR (%): 6
Remaining term in months: 60
Extra monthly payment: 100

Estimated interest saved: $698.95
Months saved: 17
New payoff time: 43 months
New monthly payment: $389.99

Assumptions and limits

Rates, fees and contribution schedules are the assumptions you enter. This estimate does not include changes you have not entered.

Educational estimate only. This is not personalized financial, investment or tax advice.