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Mihsaba›Loan Payoff Calculator

Loan Payoff Calculator

Estimate payoff time and remaining interest from current balance and payment, then compare how an extra monthly principal payment changes time and interest.

How to use

This calculator starts from the current loan balance rather than reconstructing the original loan. It compares the current payment path with the same payment plus an extra monthly amount applied to principal.

  1. Enter current balance, annual APR and monthly principal-and-interest payment.
  2. Optionally enter an extra monthly principal payment.
  3. Compare payoff months, total interest, time saved and interest saved.

How it is calculated

monthly interest = balance × APR ÷ 12; the rest of each payment reduces principal

Example

A balance of 20,000 at 6% APR with a 400 monthly payment can be compared with 450 to see the months and interest potentially saved.

Important notes

Educational estimate only, not financial advice. It assumes a fixed rate, monthly interest, regular payments and extra amounts applied directly to principal. Fees, penalties, escrow, daily-interest conventions and lender rules can change actual payoff figures.

Frequently asked questions

What if my payment does not cover monthly interest?

The calculator flags that the balance cannot amortize under that payment.

Does the extra payment reduce the required payment?

Not in this model; the required payment stays unchanged and payoff occurs sooner.

Are taxes and insurance included?

No. Enter principal-and-interest payment only.

Is this calculator free?

Yes. It is free to use and requires no account.