Loan Early Payoff Calculator

Find the extra monthly payment needed to pay off a loan by a target date.

JavaScript is required for live calculation.

You can still read how Loan Early Payoff Calculator works, the formula, examples, and FAQs below.

Current balance
APR
Current monthly payment
Target payoff (months from now)

Inputs

Current balance

APR

Current monthly payment

Target payoff (months from now)

Results update when you click Calculate Extra Payment.

Extra payment needed

$905.86

On top of $1,138.00/mo

New total payment$2,043.86
Payoff at current payment360 months
Interest saved (est.)$164,109

Target payoff

120 months

Extra principal

Adding $906/mo could retire the loan in ~120 months.

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What this result means

Find the extra monthly payment needed to pay off a loan by a target date. We binary-search the extra principal payment so amortization reaches $0 in your target months.

Assumptions

Rule dependency: Universal formula / market assumptions.

Early payoff

We binary-search the extra principal payment so amortization reaches $0 in your target months.

Example

$180K balance at 6.5% with $1,138/mo — extra payment needed to finish in 10 years vs ~17 years baseline.

Frequently asked questions

Do all lenders allow extra payments?+

Most fixed-rate loans permit extra principal; check prepayment rules on your note.