Loan Payoff Calculator

Find out when you'll pay off your loan and see how extra monthly payments can save you thousands in interest.

$
%
$
$

Current Plan

4 yr 9 mo

Total interest: $3,459.63

Total paid: $28,459.63

How Extra Payments Work

When you make extra payments on a loan, the entire extra amount goes directly toward reducing your principal balance. This means you pay less interest over the life of the loan because interest is calculated on a smaller balance each month.

Strategies to Pay Off Debt Faster

  • Round up payments – If your payment is $467, round up to $500
  • Biweekly payments – Pay half your monthly payment every two weeks (equals 13 full payments per year)
  • Snowball method – Pay off smallest balances first for psychological wins
  • Avalanche method – Pay off highest interest rate first to save the most money
  • Windfalls – Apply tax refunds, bonuses, and gifts to your loan balance