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Pay Down Loan - Existing Loan Payoff

I have a loan payoff goal and want to see how fast making larger payments can pay down the loan and how much interest I can save.

If you want to pay down a loan ahead of schedule by adding a fixed amount to each payment, this extra payment calculator will show you how much quicker you'll reach loan pay off time and how much money you'll save. Almost every other loan pay off calculator out there uses initial loan amount, rate, date and term of loan. They assume you have not made any additional payments to your principal. If you have, your balance will not match and your answer will not be accurate. This one is smart enough to take that into consideration and use only your current balance, loan rate and payment amount. Accurate data to begin with gives an accurate answer. (Thanks user Jeff for noticing and pointing that out!)

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Pamela   Very helpful calculator. Could I suggest that if possible, adding an additional option to select fortnightly repayments rather than just monthly repayments would be really good. I believe many people now make fortnightly repayments and I expect this would have a positive influence on the results of your chart. Thanks. - 10/2/2014 11:25:31 PM

Jez Booth   This is the best mortgage calc ever - best one on the whole interent, I've searched and searched and this one does it all - Please accept my sincere thanks to the writer of this app! - 3/11/2014 6:34:28 AM

Shirley nundoo   Amazing tool.the best I've seen. Thank you.Saved me lots of hours Shirley Why does it not take into account the number of years? - 2/23/2014 5:09:48 AM

Victor   The initial amount of the house will have to be paid in full ultimately. Is this true? A bond of 1000000 at 7.5 % for 12 years at 4000 extra per month how will that work out for me - 2/23/2014 5:05:32 AM

Debbie McKinney   I can't thank you enough for this fantastic tool. This calculator has allowed me to refinance my house in the most intelligent and informed manner. By printing out the amortization table with the extra amount that I could pay each month, I was able to compare different scenarios including different interest rates, different PMIs, etc. and choose the best refi package that was uniquely suited to my needs, not the needs of a mortgage broker. This tool has given me the power to plan my payments on my rentals, home mortgage and my equity line with the confidence to know exactly how long it will take to pay off my debts and to take control of my finances in a way that makes everything crystal clear. Thank you again. - 11/7/2013 10:21:18 PM

joseph amir   MONEY AVAILABLE TO LEND. Get the money/loan you need at Joseph Amir international lending firm. We are private lenders/investors and offer both Personal loan, startup loan, educational/agricultural loan, real estate/ construction loan, property loan, debt free loans,mobile home loan, hard money loan, secured/unsecured loan,investment funding,Expansion loan, Jv capital/Rehab loans,Equity/refinance loans e.t.c to interested persons from any country. We offer loan to persons both national/international at any credit rate. Have you been turned down by banks or other lenders, Joseph Amir lending firm is here to assist you archieve your goal. If you need a loan of any type, do contact us through the below email address and we are here to assist you get what you need. josephamir@blumail.org - 9/4/2013 7:55:10 PM

Mike   Amortization Calculator - 7/13/2013 12:02:57 PM

Laurie   My daughter found this calculator, and I have shared it with others over and over. It's a great motivational tool for paying off debts. I use it to chart my progress on a school loan. Right now, we're on track to pay it off almost three years early! THANK YOU! - 6/4/2013 9:31:00 AM

Rick   Great calculator. This is a great way to calculate a disciplined approach to paying off your mortgage. I wish there was some way to calculate the tax benefit of paying the mortgage normally, and then use those numbers against taking the same monthly extra payment and instead of applying it against the mortgage, invest it into the market in a mutual or SPDR. I think for many people this is a far better approach, however discipline would be the absolute key. - 3/11/2013 5:32:48 AM

Juan Magsalin   I refinanced my car with another bank to get a lower rate. Since I can still afford the same monthly payment (and some more), I was able to tell how much reduction on the Payoff Time. Thanks - 2/26/2013 5:49:38 PM

Carol M   I used this to figure what I'd need to pay extra on the principal per month to have my house paid by this year! As of 1/7/13, I achieved my goal. WOOHOO! It still hasn't sunk in yet! I recommend that anyone with a mortgage or debt of any kind to do this if you can! - 2/8/2013 7:56:22 AM

LIz (BizCalcs founder)   @Joe - The length of your mortgage doesn't matter to this calculation. Since you give your current balance, interest rate, and monthly payment it can figure out how much longer you'll be paying regardless of the original length. Giving your current balance also takes into account any additional principal you may have paid in the past. - 10/25/2012 7:27:59 PM

Matt   Extremely nice calculators! Great to help with my decisions, very nice to have as a resource. Thank you. - 10/20/2012 2:45:43 PM

Joe   How do I use this for a 15 year mortgage. I believe this is for a 30 year. - 10/7/2012 6:42:56 PM

Leo   A wonderful tool. Thank you. Thank you. Thank you! I almost had to do the calculations myself. You saved me so much time. - 8/22/2012 10:26:54 PM

Russ   To print the amortization table, click the little printer icon. It popups a new window with just the calculator output in it, ready for printing. - 6/25/2012 10:00:11 PM

Margaret   Great Website. Only drawback, I couldn't print the amortization schedule. When I try to print, the amortization schedule is covered up by the "User Comments" section wh - 6/25/2012 2:22:30 PM

nick   great tool. Was looking for this calculator for a long time. Thank very much for your help. - 6/2/2012 11:47:30 AM

Shell   Perfect! Just needed to know when my car would be paid off if I added a certain amount to the principal. Just bought it, but in 18 months, I'll once again be debt free! - 6/1/2012 9:15:24 AM

grandolph   Thanks, this was easy and helped me plan a reasonable budget to get out of debt. AWESOME! - 4/19/2012 2:20:49 AM


A Good 'Pay Down Loan' Strategy is to Pay Extra Principal Every Month

One of the most common ways to pay down a loan early is to pay additional principal each month. You don't have to pay a lot of extra each month to make a significant difference in your loan payoff time. An additional $50, or even $25 extra principal each month may make a surprising difference. You can save a lot of interest if you pay down the loan early.

This extra payment calculator is designed to tell you how much interest and time you'll save if you know how much extra you can pay each month. The Early Loan Payoff Calculator is another loan payoff calculator that will help you figure out how much extra to pay each month to pay down the loan by a desired years or months.

Field Help

Input Fields

TitleA title for these calculator results that will help you identify it if you have printed out several versions of the calculator.

LenderThe name of your potential lender. This field is not required but may help if you have printed out several loan scenarios.

Loan BalanceThe amount you owe on your mortgage or loan.

Interest RateThe annual percentage rate you are paying for this loan.

Monthly PaymentThe principal and interest portion of each monthly payment. This may not be the amount you write a check for each month. Depending on the type of loan, your actual payment may include other amounts for escrow, private mortgage insurance (PMI), fees, or property taxes.

Additional PrincipalThe additional amount you will pay each month (over the required 'Monthly Payment' amount) to pay down the principal on your loan.

Output Fields

New Monthly PaymentThe required 'Monthly Payment' plus any 'Additional Principal' you want to pay each month. The 'Early Payoff' calculations assume you will pay this amount of principal and interest each month from now on until the loan or morgage is paid. Actual payment could include other amounts such as escrow for insurance and property taxes, private mortgage insurance (PMI), fees, and dues.

Early Payoff (column)If you pay additional principal each month your loan or mortgage will be paid earlier than scheduled and you will pay less in interest charges.

Without Early Payoff (column)The payoff time and interest charges if you pay no additional principal each month.

Savings (column)'Early Payoff' compared to 'Without Early Payoff' saves you this much time and money.

Payoff TimeAmount of time until the loan is paid off.

Total InterestThe remaining total amount of interest you will pay over 'Payoff Time'.

Total PaidThe remaining total amount of principal + interest you will pay over 'Payoff Time'.

Remaining PaymentsThe number of payments you will make to pay off the loan.

Annual CostThe amount of money you will pay each year for this loan.

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