Calculate Loan Payoff with Extra Payments

Every extra payment reduces the loan principal balance immediately. Since subsequent interest charges are calculated on a smaller principal, a higher percentage of future regular payments goes toward principal, accelerating your debt-free payoff date exponentially—see exact timeframe math in the Calculate Payoff Time Tool or read What Is an Extra Principal Payment?.

Yes! This calculator applies to any reducing-balance loan—from mortgages and auto financing to personal installment loans and student loans.

By default, extra payments accelerate your payoff date (reduce tenure) while keeping your scheduled installment the same. If you have multiple debts to prioritize at once, build an elimination order in our Debt Snowball & Avalanche Calculator or set a deadline in the Loan Payoff Goal Calculator.