Loan Payoff Calculator
Find out exactly when you'll be debt-free from your mortgage, auto loan, or personal loan. Enter your loan details to calculate your payoff date and see how much total interest you'll pay over the life of the loan.
Loan Payoff Details
Enter your loan information to see your debt-free date.
Learn More About Debt & Savings
How to Use the Loan Payoff Calculator
- Enter Loan Amount: Input the total original amount you borrowed.
- Set Annual Interest Rate: Provide the annual percentage rate (APR) of your loan.
- Enter Monthly Payment: Input the amount you pay towards your loan each month, including principal and interest. You can add an extra amount to this field to see how it accelerates your payoff date.
- Click “Calculate Payoff”: Get an instant calculation of your loan payoff date and the total interest you will pay.
The Power of Extra Payments: Tips to Get Debt-Free Faster
The single most effective way to shorten the life of your loan and save money on interest is to make extra payments. Even a small amount added to your monthly payment can have a huge impact over time.
- Reduce the Principal Faster: Extra payments go directly towards reducing the loan principal, which means less interest accrues each month.
- Save Thousands in Interest: Shaving years off your loan term can save you a significant amount of money that would have otherwise gone to interest.
- Achieve Financial Goals Sooner: Paying off debt frees up your cash flow, allowing you to focus on other goals, like saving for retirement. Use our Retirement Savings Goal Calculator to see how this impacts your future.
- Experiment with the Calculator: Try increasing your monthly payment in the calculator to see how much faster you can become debt-free and how much interest you'll save. It's a powerful motivator!