Loan Payoff Calculator
See how extra payments can save you money and pay off your loan faster. Compare original and accelerated payoff plans side by side.
Loan Details
$
%
$
$
New payment: $500 /month
Comparison Results
Original Payoff
57 months
Accelerated Payoff
44 months
Months Saved
13 months
Original Total Interest
$2,474
Accelerated Total Interest
$1,924
Interest Saved
$550
Accelerated Payment Schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $500.00 | $416.67 | $83.33 | $19,583.33 |
| 2 | $500.00 | $418.40 | $81.60 | $19,164.93 |
| 3 | $500.00 | $420.15 | $79.85 | $18,744.78 |
| 4 | $500.00 | $421.90 | $78.10 | $18,322.89 |
| 5 | $500.00 | $423.65 | $76.35 | $17,899.23 |
| 6 | $500.00 | $425.42 | $74.58 | $17,473.81 |
| 7 | $500.00 | $427.19 | $72.81 | $17,046.62 |
| 8 | $500.00 | $428.97 | $71.03 | $16,617.65 |
| 9 | $500.00 | $430.76 | $69.24 | $16,186.89 |
| 10 | $500.00 | $432.55 | $67.45 | $15,754.33 |
| 11 | $500.00 | $434.36 | $65.64 | $15,319.98 |
| 12 | $500.00 | $436.17 | $63.83 | $14,883.81 |
Frequently Asked Questions
How do extra payments affect my loan?
Extra payments go directly toward reducing your principal balance, which means less interest accrues and you pay off the loan sooner. Even small extra payments can save significant money.
Should I make extra payments or invest?
It depends on your loan interest rate versus expected investment returns. If your loan rate is higher than expected returns, paying it off faster is usually better.