Spreadsheet
Debt Payoff Tracker
$8.99
Excel · Google SheetsLoan Payoff Calculator with Extra Payments
See when a car loan, personal loan or credit card balance is paid off, how much interest it costs, and how much an extra payment each month saves.
Your payment
Months to pay off-
Payoff date-
Total interest-
With the extra payment
Months to pay off-
Payoff date-
Total interest-
Interest saved-
Time saved-
Runs on your device. Nothing you type is sent anywhere.
How it works
Each month the calculator adds one month of interest (APR divided by 12) to the balance, then takes off your payment, until the balance reaches zero. The last payment is only what is left.
Total interest is everything you pay on top of the balance you started with.
Interest saved and time saved compare your payment with your payment plus the extra amount.
If your payment is not more than one month of interest, the balance never goes down; the calculator warns you.
Real loans can work out slightly differently (daily interest, fees, payment dates), so treat the result as a close estimate and check with your lender.
Questions people ask
How can I pay off my car loan faster?
Pay a little extra every month, round your payment up, or put any extra cash toward the balance. The calculator shows how many months and how much interest that saves.
Does an extra payment go toward the principal?
Usually, yes, but ask your lender to apply extra money to the principal and check that the loan has no prepayment penalty.
Why does my balance barely move?
When most of each payment is interest, little is left to lower the balance. A higher payment or a lower rate changes that fastest.
Is this exact?
It is a close estimate based on monthly interest. Your lender's statement has the exact payoff amount.
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Free guides
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How to Pay Off a Car Loan Faster (and How Much You Really Save)Pay off a car loan faster with extra principal payments, biweekly half payments or lump sums. See the math on a $25,000 loan and check your contract first.Zero-Based Budget: What It Is and How to Make One (With an Example)A zero-based budget gives every dollar of take-home pay a job until income minus plan equals zero. Follow 6 steps and a full $4,200 example budget.