Loan payoff calculator
For car, personal and student loans. See when it ends at today’s payment, and what an extra amount each month buys you.
With $100 extra, paid off in
3 yrs 4 mo
40 payments instead of 51 payments
Amortization schedule
| Month | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $112.50 | $407.50 | $17,592.50 |
| 2 | $109.95 | $410.05 | $17,182.45 |
| 3 | $107.39 | $412.61 | $16,769.84 |
| 4 | $104.81 | $415.19 | $16,354.65 |
| 5 | $102.22 | $417.78 | $15,936.87 |
| 6 | $99.61 | $420.39 | $15,516.48 |
| 7 | $96.98 | $423.02 | $15,093.46 |
| 8 | $94.33 | $425.67 | $14,667.79 |
| 9 | $91.67 | $428.33 | $14,239.46 |
| 10 | $89.00 | $431.00 | $13,808.46 |
| 11 | $86.30 | $433.70 | $13,374.76 |
| 12 | $83.59 | $436.41 | $12,938.35 |
| 13 | $80.86 | $439.14 | $12,499.22 |
| 14 | $78.12 | $441.88 | $12,057.34 |
| 15 | $75.36 | $444.64 | $11,612.70 |
| 16 | $72.58 | $447.42 | $11,165.28 |
| 17 | $69.78 | $450.22 | $10,715.06 |
| 18 | $66.97 | $453.03 | $10,262.03 |
| 19 | $64.14 | $455.86 | $9,806.17 |
| 20 | $61.29 | $458.71 | $9,347.46 |
| 21 | $58.42 | $461.58 | $8,885.88 |
| 22 | $55.54 | $464.46 | $8,421.41 |
| 23 | $52.63 | $467.37 | $7,954.05 |
| 24 | $49.71 | $470.29 | $7,483.76 |
| 25 | $46.77 | $473.23 | $7,010.53 |
| 26 | $43.82 | $476.18 | $6,534.35 |
| 27 | $40.84 | $479.16 | $6,055.19 |
| 28 | $37.84 | $482.16 | $5,573.03 |
| 29 | $34.83 | $485.17 | $5,087.87 |
| 30 | $31.80 | $488.20 | $4,599.67 |
| 31 | $28.75 | $491.25 | $4,108.41 |
| 32 | $25.68 | $494.32 | $3,614.09 |
| 33 | $22.59 | $497.41 | $3,116.68 |
| 34 | $19.48 | $500.52 | $2,616.16 |
| 35 | $16.35 | $503.65 | $2,112.51 |
| 36 | $13.20 | $506.80 | $1,605.71 |
| 37 | $10.04 | $509.96 | $1,095.75 |
| 38 | $6.85 | $513.15 | $582.60 |
| 39 | $3.64 | $516.36 | $66.24 |
| 40 | $0.41 | $66.24 | $0.00 |
How extra payments shorten a loan
Each month’s interest is charged on the balance that’s left. An extra payment cuts that balance right away, so every later month’s interest is smaller and more of your regular payment goes to principal. The effect compounds: the extra $100 saves more than $100 a month by the end.
Have more than one loan or card? Put the extra money on the highest-rate one first with the debt avalanche calculator.
Questions people ask
How do I calculate my loan payoff date?
Enter your current balance (from your latest statement or lender’s app, not the original amount), the APR and your monthly payment. The calculator applies a month of interest and then your payment until the balance is zero.
Do extra payments go to principal?
On most US installment loans, any amount above the scheduled payment reduces principal, but some servicers apply extra money to future payments instead. Tell your lender to apply extra payments to principal, and check your next statement.
Is there a penalty for paying off a loan early?
Most auto, personal and federal student loans have no prepayment penalty, but check your loan agreement. Some mortgages and a minority of auto loans include one.
Should I pay off my car loan early or my credit card?
Usually the credit card: at 20%+ APR, each extra dollar there saves far more than on a 7% car loan. The avalanche calculator puts that into a full plan.