Loan Payoff Calculator
Enter your current balance and monthly payment to see exactly when your loan will be paid off and how much interest you'll pay. Add an extra payment to see the accelerated timeline.
1 Current Loan
2 Extra Payment (optional)
Payoff Timeline
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Enter your current balance and payment
Standard Payoff
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With Extra Payment
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Interest Remaining
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Interest Saved
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Remaining Balance Over Time
Payoff Comparison
| Metric | Current Payment | With Extra |
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Understanding Your Loan Payoff Date
Your loan payoff date is determined by your current balance, interest rate, and monthly payment. Unlike early in a loan when most of each payment goes to interest, as your balance decreases, more of each payment goes toward principal — accelerating payoff in the final years.
If you've had your mortgage for several years, you may be surprised at how much interest still remains. This is because of front-loaded amortization: in the early years, interest consumes 80–90% of each payment. This makes early extra payments especially powerful.
When Extra Payments Make Most Sense
- When your mortgage rate is higher than what you can safely earn on investments.
- When you want the psychological security of being debt-free faster.
- When you plan to stay in the home long enough to realize the full savings.
See how refinancing compares using the Refinance Calculator, or explore the Extra Payment Calculator for a detailed breakdown on a new loan.