See exactly how much time and money you save by making extra payments on any loan.
Use the Loan Payoff Calculator to model extra payments on your mortgage, auto loan, personal loan, or any amortizing debt. Enter your loan details, add extra monthly or one-time payments, and instantly see your new payoff date, total interest savings, and a complete amortization schedule.
- Extra Payment Analysis — See how additional monthly, biweekly, or one-time payments shorten your loan term
- Full Amortization Schedule — View a month-by-month breakdown of principal, interest, and remaining balance
- Interest Savings Calculation — Compare total interest paid with and without extra payments
- Multiple Loan Support — Analyze several loans side by side to decide where extra dollars go furthest
- Time Saved Visualization — See exactly how many months or years early you can be debt-free
- Mobile-Friendly — Works on any device, no download required
On a $300,000 mortgage at 7% interest over 30 years, an extra $100/month saves you roughly $76,000 in interest and pays off your loan nearly 6 years early. The exact savings depend on your rate, balance, and how soon you start making extra payments.
Compare your loan's interest rate to your expected investment return after taxes. If your loan charges 7% and you expect 8-10% from index funds, investing may win mathematically — but paying off debt provides guaranteed, risk-free savings. Many people do a mix of both.
Extra payments typically go directly toward principal, which reduces the balance that future interest is calculated on. This creates a compounding effect — each extra payment saves you more than its face value over the life of the loan. Always confirm with your lender that extra payments are applied to principal.
Most auto loans and personal loans have no prepayment penalty. Some mortgages charge a penalty if you pay off within the first 3-5 years. Check your loan agreement or call your servicer before making large lump-sum payments.
This calculator is part of the BullRun Forever Toolkit — 16 free financial calculators including:
- 401(k) Calculator
- Debt Strategy Planner
- Student Loan Calculator
- Home Affordability Calculator
- Investment Calculator
This tool is for educational and informational purposes only. It does not constitute financial advice. Results are estimates based on the inputs you provide and may not reflect actual loan terms, fees, or tax implications. Consult a qualified financial advisor before making decisions about your debt repayment strategy.
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