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Loan Early Payoff Calculator Help

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. 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. It also shows how much time and money you will save if you pay off the loan early vs. paying as scheduled.

Input Fields:
Title A title for these calculator results that will help you identify it if you have printed out several versions of the calculator.
Lender The name of your potential lender. This field is not required but may help if you have printed out several loan scenarios.
Loan Balance Your current outstanding balance on this loan or credit card.
Monthly Payment The amount of principal + interest you are currently required to pay each month toward this loan.
Interest Rate The annual percentage rate you will pay for this loan.
Desired Payoff Time Enter the desired number of years and/or months when the balance should be paid.

Output Fields:
Additional Each Month The additional amount you will pay each month (over the required 'Monthly Payment' amount) to pay down the principal on your loan.
Total Monthly Payment Total monthly payment required to pay the loan by the requested 'Payoff Time'.
Total Interest Total amount of interest you will pay over 'Length of Loan'.
Total Paid Total amount of principal + interest you will pay over 'Length of Loan'.
Actual Payoff Time Amount of time until the loan is paid off.
Number of Payments The number of payments you will make to pay off the loan.
Annual Cost The amount of money you will pay each year for this loan.

Buttons and Checkboxes:
Show Amortization When checked, a section will appear below the calculator showing the complete amortization table.
Help Brings up this Help window.
Clear Clear (Use your browser's 'Refresh' or 'Reset' to restore default values.)
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All calculators are made available as self-help tools for your independent use with results based on information provided by the user. All examples are hypothetical and are for illustrative purposes only. Calculated results are believed to be accurate but results are not guaranteed. Loan calculators are not intended to provide financial advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. Users are advised to seek personalized advice from qualified professionals regarding all personal finance issues.
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Updated 01 Jul 2007