Calculate your loan payoff date, total interest, and amortization schedule. See how extra payments save you time and money.
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| Enter loan details to see schedule | ||||
A loan payoff calculator shows you how long it will take to pay off a loan based on your balance, interest rate, and monthly payment. It generates a full amortization schedule showing how each payment splits between principal and interest.
Extra payments go directly toward your principal, reducing the balance that accrues interest. Even small extra payments compound dramatically over time:
Amortization is the process of paying off debt through regular payments. Early in the loan, most of your payment goes to interest. Over time, more goes to principal. The amortization schedule above shows this shift month by month.
Early payoff isn't always best. Consider keeping your loan if: your interest rate is very low (under 4%), you'd earn more investing the extra payments, or you don't have an emergency fund. Check for prepayment penalties before making extra payments.