Loan Payoff Calculator
Loan payoff
How Loan Payoff Planning Works
The Loan Payoff Calculator shows how extra payments can accelerate your loan payoff and reduce total interest. Enter your loan details and any additional monthly or one-time payments to see the new payoff date and how much interest you will save compared to the standard payment schedule.
Formula
Interest Saved = Total Interest (standard) - Total Interest (with extra payments)
Key Features
- ✓Calculate payoff date with extra payments
- ✓See total interest savings from additional payments
- ✓Compare standard vs. accelerated payoff timelines
- ✓Model one-time lump sum payment impacts
Pro Tip
Making just one extra monthly payment per year on a 30-year mortgage can shorten the loan by 4-5 years and save tens of thousands in interest. Apply extra payments to principal, not escrow.
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