Loan payoff calculator
Works for mortgages, car loans, student loans and personal loans with a fixed rate. Extra money is applied to principal in the month you pay it.
Monthly compounding, interest rounded to the cent. Estimates only.
Monthly payment
$500.95
Payoff date
Nov 2030
Interest saved
$1,013.70
Time saved
11 mo
Total interest falls from $5,056.96 to $4,043.26. Final payment: $197.66 in Nov 2030.
Payment schedule
| # | Date | Payment | Principal | Interest | Balance |
|---|---|---|---|---|---|
| 1 | Nov 2026 | $600.95 | $444.70 | $156.25 | $24,555.30 |
| 2 | Dec 2026 | $600.95 | $447.48 | $153.47 | $24,107.82 |
| 3 | Jan 2027 | $600.95 | $450.28 | $150.67 | $23,657.54 |
| 4 | Feb 2027 | $600.95 | $453.09 | $147.86 | $23,204.45 |
| 5 | Mar 2027 | $600.95 | $455.92 | $145.03 | $22,748.53 |
| 6 | Apr 2027 | $600.95 | $458.77 | $142.18 | $22,289.76 |
| 7 | May 2027 | $600.95 | $461.64 | $139.31 | $21,828.12 |
| 8 | Jun 2027 | $600.95 | $464.52 | $136.43 | $21,363.60 |
| 9 | Jul 2027 | $600.95 | $467.43 | $133.52 | $20,896.17 |
| 10 | Aug 2027 | $600.95 | $470.35 | $130.60 | $20,425.82 |
| 11 | Sep 2027 | $600.95 | $473.29 | $127.66 | $19,952.53 |
| 12 | Oct 2027 | $600.95 | $476.25 | $124.70 | $19,476.28 |
How the payoff is calculated
Each month, interest is the balance times the annual rate divided by 12, rounded to the cent. Your payment covers that interest first; the rest and any extra reduce the balance. The last payment is adjusted so the balance ends at exactly zero.
Lenders may use daily interest, different payment dates or fees, so treat results as estimates. Read how extra payments shorten a loan.