Early Payoff Calculator
Estimate interest saved and a faster payoff date when you add extra principal to a fixed loan payment. Click any i for detail.
Your loan
Balance ($)
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Balance
Current principal remaining. |
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|---|---|
APR (%)
i
APR
Loan interest rate. |
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Regular monthly payment ($)
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Payment
Required P&I payment (not including optional extras). |
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Extra principal ($/mo)
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Extra
Additional monthly amount applied to principal. |
How to use this calculator
- Enter balance, rate, and required payment.
- Enter extra principal per month.
- Compare interest saved and payoff time.
Results explained
The headline is interest saved versus paying the regular payment only. Payoff times appear under the total.
Quick reference: early payoff effect
Why extras help.
| Change | Effect |
|---|---|
| Extra principal | Reduces balance faster |
| Lower balance | Less interest next month |
| Shorter term | Fewer interest-accruing months |
Prepayment penalties and escrow are not modeled.
How the estimate is built
Simulate month-by-month with and without extras; interest saved is the difference in total interest.
Example scenario
On a $220,000 balance at 6.75% with a $1,600 payment, an extra $200/mo can cut years and substantial interest.
FAQ
Apply extras to escrow?
No — extras here mean principal only.
Biweekly instead?
See the biweekly mortgage payment calculator for that schedule.