Early Loan Payoff Calculator — pay off one loan faster
See your exact payoff date, compare lump-sum vs extra-monthly vs biweekly strategies, and check whether a prepayment penalty is worth paying. Built for a single loan — one balance, one APR, one payoff plan.
Your loan
Strategy comparison
Same loan, five payoff strategies. Uses your loan inputs above — edit them in the planner tab.
Prepayment penalty break-even
Some lenders charge a fee for paying off early. Enter it here — the calculator tells you the maximum penalty still worth paying, and whether yours beats it.
Month-by-month schedule & CSV
Amortization schedule for your plan (regular payment + extra + lump sum from the planner tab). Interest is charged on the outstanding balance each month; every extra dollar goes straight to principal.
| Month | Date | Payment | Interest | Principal | Balance |
|---|---|---|---|---|---|
| Run the planner first. | |||||
Frequently asked questions
How the math works
Each month: interest = round(balance × APR ÷ 12, 2), then principal = payment − interest, then balance = balance − principal. Extra monthly payments and the lump sum reduce the balance before that month's interest is charged, so interest is always computed on the smaller balance. Biweekly mode charges APR ÷ 26 per 2-week period with a half payment each period (26 payments per year ≈ 13 monthly payments). The final payment is capped so the balance lands exactly at zero. Dates count forward from the current month.
Assumptions: fixed APR, no fees, extra payments applied to principal, lump sum applied at the start of the chosen month. Real loans may use daily interest or different application rules — confirm with your lender.
Free tool by NRTechStudio