Loan Early Payoff Calculator

Loan Balance
Monthly Payment
Interest Rate %
Desired Payoff Time
Years Months

Additional Each Month $65.45
Total Monthly Payment $489.41
Total Interest $3,242.77
Total Paid $20,554.89
Actual Payoff Time 3 Yrs 6 Mths

Number of Payments 42
Annual Cost $5,872.92

All calculators are made available as self-help tools for your independent use with results based on information provided by the user. All examples are hypothetical and are for illustrative purposes only. Calculated results are believed to be accurate but results are not guaranteed. Loan calculators are not intended to provide financial advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. Users are advised to seek personalized advice from qualified professionals regarding all personal finance issues.
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A title for these calculator results that will help you identify it if you have printed out several versions of the calculator.
The name of your potential lender. This field is not required but may help if you have printed out several loan scenarios.
Your current outstanding balance on this loan or credit card.
The amount of principal + interest you are currently required to pay each month toward this loan.
The annual percentage rate you will pay for this loan.
Enter the desired number of years and/or months when the balance should be paid.
The additional amount you will pay each month (over the required 'Monthly Payment' amount) to pay down the principal on your loan.
Total monthly payment required to pay the loan by the requested 'Payoff Time'.
Total amount of interest you will pay over 'Length of Loan'.
Total amount of principal + interest you will pay over 'Length of Loan'.
Amount of time until the loan is paid off.
The number of payments you will make to pay off the loan.
The amount of money you will pay each year for this loan.
When checked, a section will appear below the calculator showing the complete amortization table.
Total Monthly Payment - Monthly Payment
$65.45 = $489.41 - $423.96
LoanAmount * (Rate / 12) / (1 - (1 + (Rate / 12))-Months)
$489.41 = $17,312.12 * (0.0990 / 12) / (1 - (1 + (0.0990 / 12))-42)
$3,242.77 = Previous Month's Total Interest + (Month's Beginning Balance * (Rate / 12)) each month until Balance = 0
Loan Amount + Total Interest
$20,554.89 = $17,312.12 + $3,242.77
3 Yrs 6 Mths = (Previous Number of Monthly Payments + 1 each month until Balance = 0) / 12 [to convert to years and months]
42 = Previous Number of Monthly Payments + 1 each month until Balance = 0
Monthly Payment * 12
$5,872.92 = $489.41 * 12


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