Find out how quickly you can pay off your loan and how much interest you can save with extra payments.
A loan payoff calculator estimates how long it will take to completely repay a loan based on your current balance, interest rate, and monthly payments. It also shows how extra payments reduce loan duration and total interest.
Interest per month is calculated as:
Monthly Interest = Balance × (Annual Rate ÷ 12 ÷ 100)
Loan balance reduces each month as:
New Balance = Old Balance − (Payment − Interest)
Extra payments directly reduce principal, shortening the payoff period.
This calculator is for educational purposes only and does not provide financial advice.