Loan Payoff Calculator

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Want to know how long it will take you to pay off a loan?

Skip to the calculator

Or maybe you would like to calculate your loan payment? What about finding out how your interest rate affects the amount you will pay over the life of the loan? This loan payoff calculator will help you answer some of the questions you might have.

You can use this calculator to figure out the following:

  • Calculate your estimated loan payoff amount
  • Calculate how long it will take you to pay off your loan
  • Calculate your monthly loan payment
  • Play with the numbers and see results instantly
  • See how much you could save by reducing the interest rate on your loan

How much could you save by lowering your interest rate?

The table below uses the results from the loan payoff calculator to show you how much money you could save by lowering your interest rate. You should try to keep your rate as low as you possible when getting a new loan. For existing loans consider refinancing to lower your rate, but be sure to factor in the closing costs.

How do I find out my exact loan payoff amount?

To figure out the exact payoff amount you need to request a payoff statement from your lender. You can call or request the payoff statement from their website or app.

The actual loan payoff amount will be different from your current loan balance and will include any additional interest (calculated to the day), recording fees, and any additional fees the lender will charge you. That is the total amount to pay off the loan before the provided date. You can read more about a payoff statement here.

How to pay off your loan early

These are some ways to pay off your loan faster and as a result, save money on interest. Check if your loan has a prepayment penalty clause you may have to consider it when paying off your loan early.


Reducing your interest rate could make a significant impact on how much interest you will pay over the course of the loan. Another thing to consider is reducing the term of your loan. Switching to a shorter loan can not only cut down on the interest you pay but also get you a better interest rate. In either case, you will need to weigh in the cost of the refinance to figure out if it makes sense.

Principal Reduction Payments

You can pay off your loan quicker by making extra principal reducing payments along with your regular monthly payment. Make sure your additional payment is applied directly to the principal. That is different from just making another payment. To find the money for the extra principal reduction you can use some of the money-saving tips described here.