Early Loan Payoff Calculator
Shorten any loan with extra monthly payments.
Your balance and rate are processed locally — always privateYour payment breakdown appears here
Fill in the loan details and press Calculate — the monthly payment, total interest and schedule will render right on this page, with nothing sent to any server.
How to use
You do not need to pay a loan off in one lump to save interest. Adding a fixed extra amount to every monthly payment shortens the term and cuts the total interest — this calculator shows exactly how much.
How to use
- Enter your current balance, APR and months remaining.
- Type the extra amount you can add to each payment.
- Press Calculate to see the new term and the interest saved.
Example
A $12,000 loan at 6.5% with 48 months left has a regular payment of about $285. Adding $100 each month clears the loan in about 35 months instead of 48 and saves roughly $480 of interest. Adding $200 a month finishes it in about 27 months and saves about $740.
Formula
The amortization loop runs with payment = regular + extra until the balance reaches zero; savings equal the original remaining interest minus the new total.
Auto loan focus
Car loans have no prepayment penalties at most lenders, making this strategy ideal. The savings on a 4-6 year auto loan are meaningful but smaller than on long loans because the term is already short.
How extra payments feel
An extra $100 on a $285 car payment is a 35% jump — noticeable. A better plan for tight budgets is the $50 level: still about 8 months off the term and a few hundred dollars saved.
Starting small
You do not need a big surplus to start. Rounding your payment up to the nearest $50 is a painless way to add a few dollars a month; the savings compound quietly over the remaining term. The example above shows the effect at $100; the math works exactly the same at any amount you can sustain.
FAQ
Any penalty for early payoff?
Some auto loans have none; check your contract before sending extra.
Extra $50 or $100?
More extra means a shorter term and bigger savings; even small amounts help.
Does this differ from the payoff calculator?
Yes — that one settles the whole balance now; this one pays a little extra each month.
Works for mortgages too?
Yes, though the tool is generic; extra mortgage payments save the most on long terms.
Reviewed by the LoanMath editorial team