Loan Payoff Calculator
See how much faster you'll pay off debt with extra payments.
Minimum only
73 mo
$6,551 interest
With extra
37 mo
$3,083 interest
You'd pay it off 36 months sooner and save $3,468 in interest.
About
Enter your balance, interest rate, and minimum payment. Add an extra monthly amount and see how many months and how much interest you save. Works for credit cards, car loans, student loans, and any other amortizing debt.
How to use
- Enter the balance, APR, and minimum monthly payment.
- Optionally add an extra monthly payment.
- See months to payoff and total interest saved.
FAQ
Why does $50 extra a month matter so much?+
Because every extra dollar attacks principal directly, then compounds against itself. On a credit card at 22% APR, an extra $100 a month can cut years off the payoff and save thousands in interest.
Should I pay off debt or invest?+
If your interest rate is higher than expected market returns (roughly 7%), pay off the debt. Above 8% it's almost always the right call. Below 4% (mortgages), investing usually wins.