Lender: The name of your potential lender. Title: A title for these calculator results that will help you identify it if you have printed out several versions of the calculator. The Early Loan Payoff Calculator is another loan payoff calculator that will help you figure out how much extra to pay each month to pay down the loan by a desired years or months. You can save a lot of interest if you pay down the loan early.This extra payment calculator is designed to tell you how much interest and time you’ll save if you know how much extra you can pay each month. An additional $50, or even $25 extra principal each month may make a surprising difference. You don’t have to pay a lot of extra each month to make a significant difference in your loan payoff time.

One of the most common ways to pay down a loan early is to pay additional principal each month. (Thanks user Jeff for noticing and pointing that out!)Ī Good ‘Pay Down Loan’ Strategy is to Pay Extra Principal Every Month Accurate data to begin with gives an accurate answer. This one is smart enough to take that into consideration and use only your current balance, loan rate and payment amount. If you have, your balance will not match and your answer will not be accurate. They assume you have not made any additional payments to your principal.

Almost every other loan pay off calculator out there uses initial loan amount, rate, date and term of loan. If you want to pay down a loan ahead of schedule by adding a fixed amount to each payment, this extra payment calculator will show you how much quicker you’ll reach loan pay off time and how much money you’ll save. Number of Payments: The number of payments you will make to pay off the loan.Īnnual Cost: The amount of money you will pay each year for this loan.I have a loan payoff goal and want to see how fast making larger payments can pay down the loan and how much interest I can save. Total Paid: Total amount of principal + interest you will pay over ‘Length of Loan’.Īctual Payoff Time: Amount of time until the loan is paid off. Total Interest: Total amount of interest you will pay over ‘Length of Loan’. Total Monthly Payment: Total monthly payment required to pay the loan by the requested ‘Payoff Time’. Output FieldsĪdditional Each Month: The additional amount you will pay each month (over the required ‘Monthly Payment’ amount) to pay down the principal on your loan. Interest Rate: The annual percentage rate you will pay for this loan.ĭesired Payoff Time: Enter the desired number of years and/or months when the balance should be paid. Monthly Payment: The amount of principal + interest you are currently required to pay each month toward this loan. Loan Balance: Your current outstanding balance on this loan or credit card.

This field is not required but may help if you have printed out several loan scenarios. Use the Existing Loan Payoff Calculator if you know how much additional you can pay and want to see how soon you can get to that loan pay off date. You can save a lot of interest if you pay down the loan early.This pay off loan calculator is designed to tell you how much extra you should pay each month to pay down a loan in the years and months you choose. You don’t have to pay a lot of extra each month to make a significant difference in your loan pay off time. paying as scheduled.Ī Good ‘Pay Down Loan’ Strategy is to Pay Extra Principal Every Month It also shows how much time and money you will save if you pay off the loan early vs. Enter your loan balance, your current monthly payment, the interest rate, and the desired number of years and months to pay down the loan and this extra payment calculator will show you how much additional you must pay each month to meet that loan pay off time. How much additional would you need to pay each month to pay down a loan in a certain number of years and months? Run this pay off loan calculator to find out your early loan pay off time. I want to pay down my loan early, how much additional should I pay each month to pay down the loan by the time I choose?

Early loan payoff calculator