Early Payoff Calculator
Add an extra payment or a one-time lump sum and see exactly what it buys you: the interest you keep, the years you shave off, and every line of the new amortization schedule. Works for a mortgage, auto, student, or any fixed-rate loan.
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How paying a loan early saves you money
Every month, part of your payment covers interest on the balance and the rest chips away at principal. Early on, most of it is interest. When you pay a little extra, that extra goes straight to principal — so the balance (and the interest charged on it) starts shrinking faster than the original schedule ever would.
The savings show up in two phases, and the calculator splits them out for you:
- While you're repaying: a smaller balance means a smaller interest charge every single month.
- After you're done: every interest payment the original loan would have charged between your new payoff date and the old one — you skip all of it.
It also answers the harder question: pay early, or invest the difference? Paying down a 6.5% loan is a guaranteed 6.5% return; the market is an average with real risk. The comparison weighs both over the same out-of-pocket budget — after taxes, PMI, and the mortgage-interest deduction — and names a winner, with the honest caveats spelled out.
Common questions
- Does this work for a mortgage, car loan, or student loan?
- Yes — any fixed-rate loan that amortizes monthly. Enter the current balance, the interest rate, and the remaining term, then add the extra payment or lump sum you're weighing.
- Should I pay early or invest the money instead?
- Paying early is a guaranteed return equal to your loan rate; investing is an expected return with risk. The built-in comparison runs both over the same budget — after taxes and PMI — and tells you which wins. One rule of thumb it can't override: an employer 401(k) match beats almost any loan rate, so capture that first.
- Is anything saved or sent anywhere?
- No. Every number runs in your browser. Nothing you type is uploaded, stored, or shared — and you can export the full schedule to CSV with one click.
Finding the extra payment is the hard part
Taly auto-splits every paycheck across your budget — so the room to pay a little extra shows up on its own, instead of you hunting for it. Your paycheck does the math.