Early Loan Payoff Calculator for Calculating Savings with Extra Payments

Early Loan Payoff Calculator Sign

This early loan payoff calculator will help you to quickly calculate the time and interest savings (the "pay off") you will reap by adding extra payments to your existing monthly payment.

The calculator also includes an optional amortization schedule based on the new monthly payment amount, which also has a printer-friendly report that you can print out and use to track your loan balance.

Note that if you want to make weekly, one-time, or annual lump sum extra payments, please use the Extra Payment Mortgage Calculator, which also works for installment loans.

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Early Loan Payoff Calculator

Calculate early loan payoff savings With or without an amortization schedule.

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Selected Data Record:

A Data Record is a set of calculator entries that are stored in your web browser's Local Storage. If a Data Record is currently selected in the "Data" tab, this line will list the name you gave to that data record. If no data record is selected, or you have no entries stored for this calculator, the line will display "None".

DataData recordData recordSelected data record: None
Balance:Current balance:Current balance owed:Current balance owed:

Current balance owed:

Enter the dollar amount you still owe on your loan (without the dollar sign). Note that the amount cannot be arrived at simply by multiplying the payment amount by the number of payments remaining. Call your lender if unsure of the amount.

$
Rate:Interest rate:Annual interest rate:Annual interest rate:

Annual interest rate:

Enter the interest rate expressed as a percentage, but without the percent sign (for 6.5%, enter 6.5).

%
Payment:Payment amount:Monthly payment amount:Current monthly payment amount:

Monthly payment amount:

Enter the current monthly payment amount without the dollar sign.

$
Extra amt:Extra amount:Extra payment amount:Extra payment amount:

Extra payment amount:

Enter the additional amount you could pay each month.

$
Schedule?Incl schedule?Include amortization schedule?Include amortization schedule?

Include amortization schedule?

If you would like the results to include the revised amortization schedule, slide the button to the "Yes" position and then select the starting month and enter the starting 4 digit year in the line below this one.

Start mon/yr:Start month/year:Start month and year:Schedule start month and year:

Schedule start month and year:

If you chose to include a revised amortization schedule, select the starting month and enter the starting 4 digit year.

#
Old cost:Old int cost:Interest cost without extra pmt:Interest cost at current payment amount:

Interest cost at current payment amount:

This is how much interest you will pay if you just continue to make your current monthly payment.

New cost:New int cost:Interest cost with extra payment:Interest cost with extra payment amount:

Interest cost with extra payment amount:

This is how much interest you will pay if you continue to add the extra payment amount until the loan is paid off.

Int savings:Interest savings:Interest savings:Interest savings:

Interest savings:

This is how much interest you will save by adding the extra payment amount each month until the loan is paid off.

Old # pmts:Old pmts left:Payments left without extra:Number of payments left at current payment:

Current number of payment left:

This is how many payments you have left if you continue making your currently monthly payment amount.

New # pmts:New pmts left:Payments left with extra:Number of payments left with extra payment:

Number of payments left with extra payment:

This is how many payments you have left if you add the extra monthly payment amount each month until the loan is paid off.

Pmts saved:Payments saved:Number of payments saved:Number of payments saved:

Number of payments saved:

This is how many monthly payments earlier you will pay off the loan if you continue to add the extra monthly payment amount until the loan is paid off.

Old payoff:Old payoff date:Payoff date without extra:Payoff month and year without extra payments:

Payoff month and year without extra payments:

This is the estimated month and year your loan will be paid off if you just continue to make the original payment without adding any monthly extra.

New payoff:New payoff date:Payoff date with extra:Payoff month and year with extra payments:

Payoff month and year with extra payments:

This is the estimated month and year your loan will be paid off if you add the monthly extra to your existing loan payment.

If you would like to save the current entries to the secure online database, tap or click on the Data tab, select "New Data Record", give the data record a name, then tap or click the Save button. To save changes to previously saved entries, simply tap the Save button. Please select and "Clear" any data records you no longer need.

Help and Tools

Adjust Calculator Width:

Move the slider to left and right to adjust the calculator width. Note that the Help and Tools panel will be hidden when the calculator is too wide to fit both on the screen. Moving the slider to the left will bring the instructions and tools panel back into view.

Also note that some calculators will reformat to accommodate the screen size as you make the calculator wider or narrower. If the calculator is narrow, columns of entry rows will be converted to a vertical entry form, whereas a wider calculator will display columns of entry rows, and the entry fields will be smaller in size ... since they will not need to be "thumb friendly".

Show/Hide Popup Keypads:

Select Show or Hide to show or hide the popup keypad icons located next to numeric entry fields. These are generally only needed for mobile devices that don't have decimal points in their numeric keypads. So if you are on a desktop, you may find the calculator to be more user-friendly and less cluttered without them.

Stick/Unstick Tools:

Select Stick or Unstick to stick or unstick the help and tools panel. Selecting "Stick" will keep the panel in view while scrolling the calculator vertically. If you find that annoying, select "Unstick" to keep the panel in a stationary position.

If the tools panel becomes "Unstuck" on its own, try clicking "Unstick" and then "Stick" to re-stick the panel.