Loan Payoff Calculator – See How Extra Payments Save You Money
Even a small extra payment each month can save thousands in interest and shave years off your loan. Use our calculator to see exactly how much you save and when you will be debt-free.
Loan Payoff Calculator
Extra Payment Impact Examples ($20,000 loan at 7% / 5 years)
| Extra Payment | Time Saved | Interest Saved |
|---|---|---|
| $25/month | 3 months | ~$180 |
| $50/month | 6 months | ~$340 |
| $100/month | 11 months | ~$590 |
| $200/month | 19 months | ~$900 |
Frequently Asked Questions
Does extra payment reduce monthly amount?
Usually no — extra payments shorten the loan term, not the monthly payment. Some lenders allow re-amortization on request.
Should I pay off loan early or invest?
If loan rate is above 6–7%, paying off early typically beats investing. Below 4–5%, investing often wins.
Best way to make extra payments?
Specify that extra payment goes toward principal, not future payments. Also consider biweekly payments — one extra full payment per year.