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30-Year Fixed6.625%-0.125|15-Year Fixed5.875%-0.063|30-Year FHA6.375%-0.125|30-Year VA6.125%-0.063|5/1 ARM6.125%0.000|7/1 ARM6.250%+0.063|30-Year Jumbo7.125%-0.188|15-Year Jumbo6.625%-0.125|CA Avg6.550%-0.080|TX Avg6.720%+0.050|FL Avg6.680%-0.030|NY Avg6.500%-0.100|PA Avg6.450%-0.050|IL Avg6.580%+0.020|OH Avg6.380%-0.070|GA Avg6.650%0.000|NC Avg6.520%-0.040|MI Avg6.480%-0.060|AZ Avg6.600%+0.030|WA Avg6.420%-0.090|30-Year Fixed6.625%-0.125|15-Year Fixed5.875%-0.063|30-Year FHA6.375%-0.125|30-Year VA6.125%-0.063|5/1 ARM6.125%0.000|7/1 ARM6.250%+0.063|30-Year Jumbo7.125%-0.188|15-Year Jumbo6.625%-0.125|CA Avg6.550%-0.080|TX Avg6.720%+0.050|FL Avg6.680%-0.030|NY Avg6.500%-0.100|PA Avg6.450%-0.050|IL Avg6.580%+0.020|OH Avg6.380%-0.070|GA Avg6.650%0.000|NC Avg6.520%-0.040|MI Avg6.480%-0.060|AZ Avg6.600%+0.030|WA Avg6.420%-0.090|
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Loan Payoff Comparison Calculator

Compare how different extra payment amounts affect your payoff time and total interest.

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Loan Details

Base Payment

$1,896/mo

Total interest without extra payments: $349,052

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How to Calculate Your Loan Payoff Date

  1. Step 1: Enter your loan amount — this is the total principal balance remaining on your mortgage or loan.
  2. Step 2: Enter your interest rate — use your note rate. This determines the monthly interest accrual on your outstanding balance.
  3. Step 3: Select your loan term — choose between 15 or 30 years to match your current mortgage terms.
  4. Step 4: Compare extra payment scenarios — the calculator automatically shows five strategies from $50 to $1,000 extra per month side by side.
  5. 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/MonthTotal PaymentTotal InterestInterest SavedTime Saved
$0 (minimum)$1,946/mo$349,052--
+$50/mo$1,946/mo$349,052$33,5822y 2mo
+$100/mo$1,996/mo$321,639$60,9954y 0mo
+$200/mo$2,096/mo$279,185$103,4496y 11mo
+$500/mo$2,396/mo$202,874$179,75912y 6mo
+$1000/mo$2,896/mo$141,471$241,16217y 3mo

Key Insight

Even an extra $100/month can save you $60,995 in interest and pay off your loan 4 years 0 months early.