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Pay Down Loan - Loan Early Payoff

I want to pay down my loan early, how much additional should I pay each month to pay down the loan by the time I choose?

How much additional would you need to pay each month to pay down a loan in a certain number of years and months? Run this pay off loan calculator to find out your early loan pay off time. Enter your loan balance, your current monthly payment, the interest rate, and the desired number of years and months to pay down the loan and this extra payment calculator will show you how much additional you must pay each month to meet that loan pay off time. It also shows how much time and money you will save if you pay off the loan early vs. paying as scheduled.

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larry Henderson   Owe 8953.47 2 4.74% m, still owe 36 months @ 268.19 per month. How much do I pay extra to pay off in 2 years, and 1 year? - 12/8/2014 1:58:22 PM

Kim   This site is so fantastic! And has helped me so much- how to get things paid off faster , plan for my future and actually see how much debt I can handle at any given time. This should be given to kids in high school in say career planning classes or the banks should give something like this out for anyone getting a loan but I guess they don't want us to pay things off too quickly :) - 9/23/2014 12:13:40 AM

Lance   Can you do a loan calculator with interest already accrued? This would be good for student loan scenarios where my loan has been accruing interest for 4 years and then I'm paying back the interest instead of paying down principal. - 3/12/2014 12:12:42 PM

jennifer torres   i can literatlly be on this site using the calculator for early loan pay-off for HOURS playing different scenarios :D! Thank you for saving me the headaches!!! - 3/10/2014 1:03:32 PM

LOVELY   i want to pay off my loan but i dont know how to calculate the balance as of today.... - 1/23/2014 6:54:01 AM

perecina mitchell   This help me out a lot! I have a pain now - 7/4/2013 2:41:55 PM

lindsey   mike, alter your payoff amount by your one time principle - 5/20/2013 10:24:52 AM

mike   how does just ONE PRINCIPLE payment on loan effect payoff. Where can i find that calculator - 5/19/2013 11:36:51 AM

Mike Tumis   I agree with Lydia - 1/12/2013 7:34:10 PM

College Student   Extremely useful when I'm planning how to pay my student loans! Thanks for making this. - 11/19/2012 12:09:55 PM

Chris   This calculating tool is Great! It is very accurate and accepts any interest rate you input it works for me thank you - 9/5/2012 6:59:13 AM

CurRes   Seriously why aren't there more tools like this. I can't tell you how often and how valuable this calculator has been for me. - 8/9/2012 9:38:30 PM

Ramon   Thank you guys so much for this tool, this is so helpful for setting my goals - 7/30/2012 9:15:58 PM

bonnie   How good is this!!!!!! Read about the site in the business section of the San Francisco Chronicle. Terrific tool - 7/6/2012 4:32:18 PM

Dawny   EXCELLENT calculater - 7/6/2012 8:34:58 AM

Ivan   3 years and 10 months to go!!!! So excited. - 7/2/2012 7:06:40 PM

Lynn   Great calculator! Thanks! - 6/20/2012 11:15:30 AM

stuart   This is by far the best simplest calculator I have found. Thank you! - 6/11/2012 3:10:27 PM

Mary   I talked to three different people at US Bank to find out how much I would need to pay extra each month on my trailer to pay it of in 4 1/2 more years. They didn't seem to know that there was any such thing as a payment calculator. Thanks this was easy to use and it answered all my questions. - 5/30/2012 4:34:55 PM

radsmr   It works, look at the other sites out there and they all calculate the same! Some people need to do their homework! - 2/13/2012 10:32:19 PM


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 pay off 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 pay off loan calculator is designed to tell you how much extra you should pay each month to pay down a loan in the years and months you choose. Use the Existing Loan Payoff Calculator if you know how much additional you can pay and want to see how soon you can get to that loan pay off date.

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 BalanceYour current outstanding balance on this loan or credit card.

Monthly PaymentThe amount of principal + interest you are currently required to pay each month toward this loan.

Interest RateThe annual percentage rate you will pay for this loan.

Desired Payoff TimeEnter the desired number of years and/or months when the balance should be paid.

Output Fields

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

Total Monthly PaymentTotal monthly payment required to pay the loan by the requested 'Payoff Time'.

Total InterestTotal amount of interest you will pay over 'Length of Loan'.

Total PaidTotal amount of principal + interest you will pay over 'Length of Loan'.

Actual Payoff TimeAmount of time until the loan is paid off.

Number of 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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