Loan Payoff Calculator
Enter your loan details and any extra payments to see your payoff date, total interest, and how much you can save.
How This Calculator Works
Your monthly payment is calculated using the standard loan amortization formula:
M = P × [r(1 + r)^n] / [(1 + r)^n − 1]
- M = monthly payment
- P = principal loan amount
- r = monthly interest rate (annual rate ÷ 12 ÷ 100)
- n = total number of payments (years × 12)
Each month, interest is calculated on the remaining balance. Your payment covers interest first; the remainder reduces principal. Extra payments skip straight to principal reduction, accelerating your payoff.
Data and methodology sourced from the Consumer Financial Protection Bureau (CFPB). Last verified: April 2025.
Frequently Asked Questions
For informational purposes only — not financial advice. Results are estimates and may vary based on your lender's actual terms.