Loan Payoff Calculator
See how long it takes to clear a loan at a given monthly payment — and how much interest you'll pay along the way. Add an extra amount to your payment to see how much faster it disappears.
Your details
- Total interest
- $3,072.05
- Total paid
- $23,072.05
Principal vs interest
- Principal
- $20,000.0087%
- Interest
- $3,072.0513%
Formula
Months to payoff = −ln(1 − balance × monthly rate ÷ payment) ÷ ln(1 + monthly rate). Total interest = total paid − the starting balance.
How it works
Every extra dollar goes straight to principal, so raising your payment shortens the loan and cuts interest more than you'd expect. If a payment doesn't cover the monthly interest, the balance never falls.
Frequently asked questions
How can I pay off my loan faster?⌄
Increase your monthly payment or make extra principal payments. Because extra money reduces the balance that future interest is charged on, it shortens the loan and saves interest.
Does paying extra really save that much?⌄
Yes — even a modest extra payment can cut months or years off a loan and save meaningful interest, since interest is charged on the remaining balance each month.
Why won't my balance go down?⌄
If your payment is less than one month's interest, the shortfall is added back and the balance grows. You must pay more than the monthly interest for it to fall.
Sources & methodology
Closed-form payoff at a fixed payment and rate. Excludes fees and rate changes.
Embed this calculator⌄
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