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 โ Get your 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 โ or how much to save monthly to hit it by a date.
Related Guides
๐ก Expert Tips
Extra โน5,000/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 โ 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.
โ ๏ธ Common Mistakes
โ Committing to an aggressive extra-payment amount that isn't sustainable long-term.
โ 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.
โ Not checking whether the loan has a prepayment penalty.
โ Some loans charge a fee for paying off early or making extra principal payments โ confirm your specific loan allows penalty-free prepayment before committing to an accelerated payoff strategy.
โ Prioritizing loan payoff over an emergency fund or employer 401(k)/PF match.
โ 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 โ sequence these before aggressive extra loan payments.
Frequently Asked
How to pay off loan faster?โพ
Pay extra towards principal, make bi-weekly instead of monthly payments, or apply lump sums.
๐ Explore related calculators
Compound Interest Calculator
Example 1 โ Lump sum, no contributions
A = 1,00,000 ร (1.10)^10 โ โน2,59,374 โ more than 2.5ร growth