Loan Payoff Comparison Calculator
Compare how different extra payment amounts affect your payoff time and total interest.
Loan Details
Base Payment
Total interest without extra payments: $362,067
How to Calculate Your Loan Payoff Date
- Step 1: Enter your loan amount — this is the total principal balance remaining on your mortgage or loan.
- Step 2: Enter your interest rate — use your note rate. This determines the monthly interest accrual on your outstanding balance.
- Step 3: Select your loan term — choose between 15 or 30 years to match your current mortgage terms.
- Step 4: Compare extra payment scenarios — the calculator automatically shows five strategies from $50 to $1,000 extra per month side by side.
- Step 5: Review the comparison table — check each scenario's new monthly payment, total interest paid, interest saved, and time saved to pick the strategy that works for you.
What Is a Loan Payoff?
Loan payoff refers to completely repaying your mortgage or loan balance, including all principal and interest. Making extra payments accelerates your payoff timeline and significantly reduces the total interest you pay over the life of the loan.
How Does the Payoff Comparison Calculator Work?
Our calculator compares your standard amortization schedule against five extra monthly payment scenarios — from $50 to $1,000 per month. For each scenario, it shows the new monthly payment, total interest paid, interest saved, and how much sooner you become debt-free.
Why Use Our Payoff Comparison Calculator?
- Compare multiple extra payment amounts side by side
- See the exact dollar savings and time saved for each strategy
- Find the sweet spot between extra payment amount and total savings
Payoff Comparison
| Extra/Month | Total Payment | Total Interest | Interest Saved | Time Saved |
|---|---|---|---|---|
| $0 (minimum) | $1,988/mo | $362,067 | - | - |
| +$50/mo | $1,988/mo | $362,067 | $35,550 | 2y 2mo |
| +$100/mo | $2,038/mo | $333,205 | $64,412 | 4y 1mo |
| +$200/mo | $2,138/mo | $288,742 | $108,875 | 7y 0mo |
| +$500/mo | $2,438/mo | $209,380 | $188,237 | 12y 7mo |
| +$1000/mo | $2,938/mo | $145,884 | $251,733 | 17y 4mo |
Key Insight
Even an extra $100/month can save you $64,412 in interest and pay off your loan 4 years 1 months early.
Methodology & Assumptions
How this calculator works, what it assumes, and where it falls short. Every calculator on TruePITI documents its math.
Formula
- Extra payment reduces principal each month; new payoff date and total interest computed by re-running amortization with the accelerated principal.
Assumptions
- Extra payment applied monthly to principal (biweekly option converts to monthly equivalent).
- Rate held constant — no refi assumed.
- Original schedule from the current balance forward, not loan origination.
Limitations
- Does not model prepayment penalties (rare on modern mortgages but possible on some loans).
- Assumes the extra payment is made every month without interruption.
- Interest savings assume the full extra payment reaches principal (no escrow shortfalls).
Worked Example
- $300,000 at 6.625%, 30 years, $200/mo extra → payoff ~24 years (vs 30), saving ~$41,000 in interest.
Sources
- Standard amortization math