Free Loan Payoff Calculator - Accelerate Your Payoff
Explore accelerated payoff strategies and see how extra payments reduce loan interest and timeline.
Formula & Methodology
By adding 'Extra' to your PMT, the denominator grows larger, aggressively shrinking 'n' (months) and significantly reducing the lifetime interest.
- n = -log(1 - (r × P) / (PMT + Extra)) / log(1 + r)
Worked Example
Using the Loan Payoff Calculator: apply the formula above to your input values. For instance, n = -log(1 - (r × P) / (PMT + Extra)) / log(1 + r). The tool performs each step instantly and shows the result.
Frequently Asked Questions
How can I pay off my loan faster?
Adding extra to each payment goes straight to principal, cutting both the payoff time and total interest.
How much interest do extra payments save?
Because interest is charged on the remaining balance, paying it down early avoids interest on that amount for the rest of the term.
Should I round up my payments?
Even small consistent round-ups shorten the loan noticeably over time without straining your budget.