Loan & mortgage payoff calculator
Use this loan payoff calculator to plan early payoff from where you stand today—not where the loan started. Enter current loan balance, interest rate, and remaining term (years or months left). Then test a lump-sum payment, ongoing extra monthly payments, or a target payoff date to see required extras on top of your regular payment. Results include payoff date, interest saved versus no extras, and a full amortization schedule (CSV export and share link).
How to use this early payoff calculator
- Current balance — from your latest statement or amortization table (not original loan size unless you just closed).
- Remaining term — payments left on the loan. Example: 22 years left on a 30-year mortgage, not “30 years.”
- Optional loan start date for calendar payoff dates and the target-date tool.
- Add a lump sum (try presets like $5k / $10k / $25k in month 1) and/or extra each month.
- Read the with vs without extras comparison, then open the schedule to verify principal drops each period.
Current balance vs original amount
Most mortgage payoff and pay off car loan early searches assume you are mid-loan. If you only know original amount, rate, and total term, generate a schedule on the amortization calculator, find this month’s remaining balance, and enter that balance plus remaining payments here.
Example: $185,000 balance, 6.5%, 25 years remaining, $10,000 lump sum
With about $1,240 required P&I per month (principal and interest only), a $10,000 prepayment in payment month 1 lowers the balance immediately. Total interest over the life of the loan drops versus no lump sum, and payoff may arrive months or years sooner depending on rate and term. Add a small monthly extra in the same calculator to combine strategies.
Example: same loan, $150/month extra (no lump sum)
Steady $150 extra toward principal each month often saves more interest than many one-time bonuses because every future month accrues less interest. Compare both scenarios side by side with the comparison panel above the schedule.
Target payoff date
Choose a target payoff date (requires loan start date). The calculator estimates how much to add to your regular monthly payment each month—on top of required P&I—to finish by that date. It ignores other extra fields while solving for that one number; add lump sums separately if you plan both.
Payoff calculator vs payoff statement
A payoff statement (payoff letter) from your lender shows the exact amount to wire on a specific day, including per-diem interest and any fees. This page is for what-if planning—extra payments over time—not a same-day quote to close the loan. Always confirm with your servicer before a full payoff.
Early payoff vs refinance
Extra payments keep your current loan but reduce balance faster. Refinancing replaces the loan with a new rate/term. Use the refinance calculator for rate changes and the extra payment calculator if you mainly want recurring additional payments. Many borrowers model both.
Prepayment penalties and escrow
Some loans charge prepayment penalties (less common on many primary mortgages, more common on certain business or subprime products). This tool does not model penalties, property tax, insurance, or PMI—only principal and interest on the balance you enter. For home purchases with taxes and insurance, start from the mortgage calculator for PITI, then test payoff on the loan amount.
Frequently asked questions
What should I enter first?
Current balance, annual rate, and remaining term. Add extras second.
Can I pay off a car loan early here?
Yes—enter amount financed (or current balance), APR, and months left. For price, down payment, and tax, use the auto loan calculator first.
How do I share or export results?
Copy link on the form; CSV and print under the schedule toolbar.