Loan Payoff Date Estimator
Model how different payment strategies change your payoff date and total interest cost. Compare making only the minimum vs. adding extra principal each month.
Loan Details
This tool assumes a fixed APR and level payments once set. Real-world loans may have fees, changing rates, or other features.
How Each Payment Is Used
First month (minimum only)
Payment: $400
Interest portion: $135
Principal reduction: $265
First month (with extra)
Payment: $600
Interest portion: $135
Principal reduction: $465
Payoff Timeline
With minimum only6 yr 5 mo≈ paid off by Apr 2032
With minimum + extra4 years≈ paid off by Nov 2029
Time Saved
Extra payments of $200 per month pay the loan off about 2 yr 5 mo sooner.
Total Interest Cost
Interest with minimum only$5,604
Interest with minimum + extra$3,411
Interest saved by paying extra$2,194
That's how much less you pay to the lender over the life of the loan by committing to this extra monthly amount.
Quick Summary
- • Current balance: $25,000 at 6.50% APR.
- • Minimum payment: $400 per month; extra: $200.
- • At this extra payment level, you're on track to save about $2,194 in interest and cut roughly 2 yr 5 mo off your payoff timeline.