# Pay Down Loan – Loan Early Payoff

### I want to pay down my loan early, how much additional should I pay each month to pay down the loan by the time I choose?

How much additional would you need to pay each month to pay down a loan in a certain number of years and months? Run this pay off loan calculator to find out your early loan pay off time. Enter your loan balance, your current monthly payment, the interest rate, and the desired number of years and months to pay down the loan and this extra payment calculator will show you how much additional you must pay each month to meet that loan pay off time. It also shows how much time and money you will save if you pay off the loan early vs. paying as scheduled.

## A Good ‘Pay Down Loan’ Strategy is to Pay Extra Principal Every Month

One of the most common ways to pay down a loan early is to pay additional principal each month. You don’t have to pay a lot of extra each month to make a significant difference in your loan pay off time. An additional \$50, or even \$25 extra principal each month may make a surprising difference. You can save a lot of interest if you pay down the loan early.This pay off loan calculator is designed to tell you how much extra you should pay each month to pay down a loan in the years and months you choose. Use the Existing Loan Payoff Calculator if you know how much additional you can pay and want to see how soon you can get to that loan pay off date.

## Field Help

### Input Fields

Title: A title for these calculator results that will help you identify it if you have printed out several versions of the calculator.

Lender: The name of your potential lender. This field is not required but may help if you have printed out several loan scenarios.

Loan Balance: Your current outstanding balance on this loan or credit card.

Monthly Payment: The amount of principal + interest you are currently required to pay each month toward this loan.

Interest Rate: The annual percentage rate you will pay for this loan.

Desired Payoff Time: Enter the desired number of years and/or months when the balance should be paid.

### Output Fields

Additional Each Month: The additional amount you will pay each month (over the required ‘Monthly Payment’ amount) to pay down the principal on your loan.

Total Monthly Payment: Total monthly payment required to pay the loan by the requested ‘Payoff Time’.

Total Interest: Total amount of interest you will pay over ‘Length of Loan’.

Total Paid: Total amount of principal + interest you will pay over ‘Length of Loan’.

Actual Payoff Time: Amount of time until the loan is paid off.

Number of Payments: The number of payments you will make to pay off the loan.

Annual Cost: The amount of money you will pay each year for this loan.

### 18 thoughts on “Pay Down Loan – Loan Early Payoff”

1. This calculating tool is Great! It is very accurate and accepts any interest rate you input it works for me thank you

2. Extremely useful when I’m planning how to pay my student loans! Thanks for making this.

3. I agree with Lydia

4. how does just ONE PRINCIPLE payment on loan effect payoff. Where can i find that calculator

6. This help me out a lot! I have a pain now

7. i want to pay off my loan but i dont know how to calculate the balance as of today….

8. i can literatlly be on this site using the calculator for early loan pay-off for HOURS playing different scenarios :D! Thank you for saving me the headaches!!!

9. Can you do a loan calculator with interest already accrued? This would be good for student loan scenarios where my loan has been accruing interest for 4 years and then I’m paying back the interest instead of paying down principal.

10. This site is so fantastic! And has helped me so much- how to get things paid off faster , plan for my future and actually see how much debt I can handle at any given time. This should be given to kids in high school in say career planning classes or the banks should give something like this out for anyone getting a loan but I guess they don’t want us to pay things off too quickly ðŸ™‚

11. Owe 8953.47 2 4.74% m, still owe 36 months @ 268.19 per month.
How much do I pay extra to pay off in 2 years, and 1 year?

12. I have 27000 debt,
can i get a loan with low interest to pay down my debt faster?
How much should i pay every month to pay it off in 2 years?

13. Awesome tool. Thank you.

14. I have two yrs and 8 months left on mty loan I would like to pay it off in a year

15. The rich are paying off loans big time now. This is b/c they see interest rates are about to rise. Will payoff my student loans by the end of May – then, just the home mtg.

Consider doing this? If you buy a house, don’t live in it – rent it. Then, you rent a house for yourself. The rent you receive should be enough to pay the mtg. AND any repairs. Plus, the mtg. interest and taxes are deductible… PLUS, you won’t have to pay for any repairs on the house you rent. :>) Thank you, Robert Kyosaki AND Dr. Thomas J. Stanley. Great advice!

16. Great website. Could you create a calculator that would be able to compute paydown with extra WEEKLY payments? I’m working on paying off my student loan in the next six months; it would really be helpful.

Thanks~!

17. car loan \$14000 monthly payments \$600 just paid it off ,22months early do they have interest already added to this 14000 and when you pay it out early should be a redused payout.car loan at6% what would be the difference if was a line of credit