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Loan Payoff & Extra Payment Calculator

Compare your original loan schedule with recurring and one-time extra payments.

Your numbers

Make it your own
Updates as you type
Months to become debt-free
47months

Calculated from your inputs · rounded for display

Regular monthly payment$396.02
Total interest$2,867.72
Total paid$22,867.72
Months saved13
Interest saved$893.72

Fixed nominal annual rate, monthly interest and end-of-month payments. No new borrowing, fees or penalties. Card issuers may calculate daily interest differently.

Your calculation, step by step

No black boxes
  1. Monthly interest = outstanding balance × 7% ÷ 12.
  2. Base payment = 396.023971 USD; monthly extra = 100 USD.
  3. Apply interest, then each payment, limiting the final payment to the remaining balance plus interest.
  4. Payoff takes 47 months; total interest = 2,867.721782 USD.
Detailed results · 47 entries
MonthPayment (USD)Interest (USD)Principal (USD)Balance (USD)
1$496.02$116.67$379.36$19,620.64
2$496.02$114.45$381.57$19,239.07
3$496.02$112.23$383.80$18,855.28
4$496.02$109.99$386.03$18,469.24
5$496.02$107.74$388.29$18,080.95
6$496.02$105.47$390.55$17,690.40
7$496.02$103.19$392.83$17,297.57
8$496.02$100.90$395.12$16,902.45
9$496.02$98.60$397.43$16,505.03
10$496.02$96.28$399.74$16,105.28
11$496.02$93.95$402.08$15,703.20
12$496.02$91.60$404.42$15,298.78
13$496.02$89.24$406.78$14,892.00
14$496.02$86.87$409.15$14,482.85
15$496.02$84.48$411.54$14,071.31
16$496.02$82.08$413.94$13,657.37
17$496.02$79.67$416.36$13,241.01
18$496.02$77.24$418.78$12,822.22
19$496.02$74.80$421.23$12,401.00
20$496.02$72.34$423.68$11,977.31
21$496.02$69.87$426.16$11,551.16
22$496.02$67.38$428.64$11,122.51
23$496.02$64.88$431.14$10,691.37
24$496.02$62.37$433.66$10,257.71
25$496.02$59.84$436.19$9,821.53
26$496.02$57.29$438.73$9,382.79
27$496.02$54.73$441.29$8,941.50
28$496.02$52.16$443.87$8,497.64
29$496.02$49.57$446.45$8,051.18
30$496.02$46.97$449.06$7,602.12
31$496.02$44.35$451.68$7,150.45
32$496.02$41.71$454.31$6,696.13
33$496.02$39.06$456.96$6,239.17
34$496.02$36.40$459.63$5,779.54
35$496.02$33.71$462.31$5,317.23
36$496.02$31.02$465.01$4,852.22
37$496.02$28.30$467.72$4,384.51
38$496.02$25.58$470.45$3,914.06
39$496.02$22.83$473.19$3,440.87
40$496.02$20.07$475.95$2,964.91
41$496.02$17.30$478.73$2,486.18
42$496.02$14.50$481.52$2,004.66
43$496.02$11.69$484.33$1,520.33
44$496.02$8.87$487.16$1,033.18
45$496.02$6.03$490.00$543.18
46$496.02$3.17$492.86$50.33
47$50.62$0.29$50.33$0.00

What if things were different?

Save up to three scenarios, then change your inputs to compare the possibilities.

How to use this calculator

  1. Enter your own values in the labeled fields. Check the units and assumptions before comparing results. Only the fields needed for your selected calculation mode are shown.
  2. Your answer updates automatically. Review the calculation steps to see exactly how it was calculated.
  3. Copy, share, save, or download your result. Saved inputs stay on this device.

How the calculation works

Payment = P r / [1 − (1 + r)^−n]; apply extra payments to the balance

Use the remaining principal and remaining term to establish a new baseline schedule. Recurring extras and an optional one-time payment reduce the balance after monthly interest. Compare the resulting duration and interest with the baseline. The model assumes extra payments are applied to principal without fees.

A worked example

A $12,000 balance at 0% over 12 months has a $1,000 scheduled payment. Adding $200 each month pays it off in 10 months.

Reading your result

Use the main result together with its units and supporting figures. Display values are rounded; calculations keep their underlying precision. A change in inputs or assumptions can change the answer. Compare the step-by-step working with your intended use before relying on an estimate.

Frequently asked questions

Can I model a lump sum?

Yes. Enter its amount and the month in which it is paid.

Are prepayment penalties included?

No. Check your agreement separately.

Sources & methodology

This calculator uses the mathematical identity and assumptions stated above. No current rates, prices, or external data are loaded. Conversion tools use international unit definitions.

Formula review: October 24, 2026. Read our methodology.