Loan Payoff Planner
Compare normal payments vs extra payments.
Without Extra Payments
Payoff Time
5 years 3 months
Total Interest Paid:
$0
With Extra Payments
New Payoff Time
3 years 1 month
Interest With Extra
$0
Interest Saved
$0
Monthly Payment Comparison
How to use this loan payoff calculator
This loan payoff calculator is designed to show you the true cost of carrying debt and the power of extra payments. Start by adjusting your current loan balance, interest rate (APR), and the amount you’re paying each month. Then increase the “Extra Monthly Payment” slider to see how much sooner you could become debt-free.
The calculator compares two payoff scenarios: your current payment schedule versus a boosted payment that includes extra principal each month. You’ll see how many months or years it will take to pay off the loan in both cases, as well as the total interest you’ll pay and how much interest you can save. This mirrors the logic behind popular debt payoff strategies such as the snowball and avalanche methods, where freed-up cash is rolled into larger payments over time.
Use these insights to set a realistic, aggressive payoff plan that fits your budget. Whether you’re tackling credit cards, personal loans, or other high-interest balances, even a small extra payment can create a big impact over the life of your loan.
This tool is for illustrative purposes only and does not constitute financial advice.