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.
Loading the calculator…
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.
- How does paying extra get rid of PMI faster?
- PMI usually drops once your balance reaches about 80% of the original value. Paying extra hits that point sooner, so you pay fewer months of it. Switch on the PMI option, enter your monthly PMI and the original loan or home value, and the calculator counts the PMI you stop paying as its own line of savings — in both the original and the early-payoff scenarios.
- Can I schedule irregular extra payments?
- Yes. Flip the extra-payment input to the advanced schedule and add rows for one-time, monthly, or annual extras, each starting on a date you choose — handy for an annual bonus or a step-up plan. The invest comparison can also fund a Roth first (tax-free growth) and applies the right long-term capital-gains rate to anything above the annual Roth limit.
- 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.