Loan Payoff Calculator

See exactly when your loan will be paid off and what it will cost, or find the payment needed to be done by a target date. Try extra payments to see the interest you save.

Paid off in
–
Payoff date–
Total interest–
Interest saved–
Time saved–

Example

A $12,000 balance at 9% with a $400 monthly payment takes 35 months and costs about $1,645 in interest. Adding $100 a month finishes the loan months sooner and trims the interest noticeably. To be done in exactly 2 years, you would need to pay about $548 a month.

Why the first extra payments matter most

Early in a loan, the balance is at its highest, so interest takes a big share of each payment. An extra payment made early removes principal that would otherwise collect interest for years. The same extra amount near the end of the loan saves much less.

Smart ways to pay off a loan early

  • Round up your payment, for example from $376 to $400.
  • Make biweekly half-payments. 26 half-payments equal 13 full payments a year, one more than normal.
  • Put windfalls to work: tax refunds, bonuses and gifts can knock months off.
  • Refinance to a lower rate if your credit has improved, but keep the payment the same.

For a full payment schedule, use the amortization calculator. Paying down a home loan? See the mortgage payoff calculator.

Last reviewed October 2026.

Frequently asked questions

How do I calculate when my loan will be paid off?

Enter the current balance, the interest rate and what you pay each month. The calculator steps through each month, charging interest and subtracting your payment, until the balance reaches zero.

How much do I need to pay to clear a loan by a certain date?

Choose "Pay off by a date" and enter how many months you want it to take. You will see the fixed monthly payment that gets the balance to zero on time.

Does paying extra on a loan really save money?

Yes, on most loans. Interest is charged on the remaining balance, so every extra dollar of principal stops earning interest for the rest of the loan. Check that your lender has no prepayment penalty and applies extra money to principal.

What balance should I enter?

Use the current principal balance from your latest statement or online account, not the original loan amount. If you have already made some payments, the current balance gives an accurate payoff date.

Is this the same as a payoff quote from my lender?

No. A lender's payoff quote includes interest up to a specific day and any fees, so it will differ slightly. Use this calculator for planning and ask your lender for the exact payoff amount when you are ready.