Early payoff calculator
Enter what you owe and what you pay now. Then try an extra amount each month, a one-time payment, or both.
Interest saved—
Paid off sooner by—
As you pay now—
With extra payments—
Tell your lender to apply extra money to principal, not to future payments. Some lenders otherwise hold it as an early payment and the interest saving disappears.
Why extra payments save so much
Interest is charged on the balance. Every extra dollar paid today stops being charged interest for the rest of the loan, so extra payments early in the term save the most. A one-time payment does the same, all at once.
Before you pay early
- Check the contract for a prepayment penalty. They are uncommon on personal loans and car loans but do exist.
- Keep an emergency fund first: money sent to a loan can't be borrowed back without a new loan.
- Pay the most expensive debt first. Extra money on a 25% credit card saves more than on a 7% car loan; see payoff strategies.
For the payment-by-payment view of your loan, use the amortization schedule.