Loan Payoff Planner
Calculate savings from making extra principal payments.
Calculate savings from making extra principal payments.
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Test extra EMIs and lump sums to cut total interest and tenure.
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The Loan Prepayment Calculator answers how far every extra rupee travels. It highlights interest saved, tenure reduced, and the net gain after penalties so you can defend each payment decision. It transforms the abstract concept of "paying extra" into concrete financial wins.
Add a recurring surplus, schedule multiple lump sums, and set start months that mirror appraisal cycles or bonus timelines. The tool adapts to your life, not the other way around.
Toggle penalties, balance transfers, and optional payoff targets without losing your previous entries. The calculator preserves your data so you can compare scenarios quickly and find the optimal path to debt freedom.
The Loan Prepayment Calculator helps you decide if you should pay off your debt early. Whether it's a mortgage, student loan, or auto loan, adding a little extra to each payment can save thousands in interest.
In the US, most loans calculate interest daily or monthly based on the outstanding balance. By prepaying, you attack the principal directly, preventing interest from accruing on that amount forever. This tool shows you exactly how much time and money you save.
Ensure your extra payment is applied to principal, not future interest. You may need to specify this to your lender.
If you make a large lump sum payment, some lenders will let you 'recast' (re-calculate) your payments to lower the monthly amount while keeping the same term. This tool assumes you keep paying the same amount to shorten the term.
If you pay off a small $5,000 car loan, take that $300/month payment and apply it to your student loans. This 'snowball' accelerates your debt freedom.
Refinancing costs money (closing costs). Prepaying is usually free. Use this tool to see if you can achieve your goals just by paying extra, without the hassle of a refi.
Assumes fixed interest rate and that extra payments are applied to principal immediately.
Choose how often you want to make extra payments and the amount for each payment.
| Scenario | Current Plan | Monthly $ 10 K |
|---|---|---|
| Payoff timeline | 19 yrs | 9 yrs 5 mos |
| Interest from today | $ 2.39 M | $ 1.07 M |
| Prepayment charges | $0 | $ 22.4 K |
| Total outflow | $ 4.84 M | $ 3.54 M |
| Net savings vs schedule | $0 | $ 1.3 M |