Loan Payoff Calculator
Compare strategies to pay off a loan faster and save on interest.
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See how this fits your bigger picture β Get your free score
Like this number? Turn it into a goal and track it monthly
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Compound Interest
See how money grows with monthly contributions, annual step-up and yearly top-ups.
SIP / Recurring
Calculate returns from monthly investments with step-up and full yearly breakdown.
Savings Goal
How long to reach a savings goal β or how much to save monthly to hit it by a date.
Related Guides
π‘ Expert Tips
Extra βΉ5,000/month on a 20-year loan can cut 5-7 years.
Apply windfalls and bonuses directly to principal.
How to read your result
The strategy comparison shows time and interest saved from extra payments β but it assumes you'll consistently make the extra payment every month for the full duration. A strategy that looks best on paper only works if it's actually sustainable for your budget over its whole timeline.
β οΈ Common Mistakes
β Committing to an aggressive extra-payment amount that isn't sustainable long-term.
β A smaller, consistent extra payment you can maintain every month for years beats a larger amount you can only sustain for a few months before stopping.
β Not checking whether the loan has a prepayment penalty.
β Some loans charge a fee for paying off early or making extra principal payments β confirm your specific loan allows penalty-free prepayment before committing to an accelerated payoff strategy.
β Prioritizing loan payoff over an emergency fund or employer 401(k)/PF match.
β Extra loan payments are valuable, but not at the cost of having zero emergency buffer, or leaving free employer-matched retirement contributions on the table β sequence these before aggressive extra loan payments.
Frequently Asked
How to pay off loan faster?βΎ
Pay extra towards principal, make bi-weekly instead of monthly payments, or apply lump sums.
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Compound Interest Calculator
Example 1 β Lump sum, no contributions
A = 1,00,000 Γ (1.10)^10 β βΉ2,59,374 β more than 2.5Γ growth