Loan Payment Calculator with Early Payoff Option

Loan Payment Calculator with Early Payoff

Calculate your monthly payments and estimate how much you can save by paying off your loan early.

Loan Amount ($) Annual Interest Rate (%) Loan Term (Years) Early Payoff Term (Years) Monthly Payment ($) Total Interest Paid ($) Estimated Savings with Early Payoff ($)

function calculateLoan() { const loanAmount = parseFloat(document.getElementById(“loanAmount”).value); const interestRate = parseFloat(document.getElementById(“interestRate”).value) / 100; const loanTerm = parseFloat(document.getElementById(“loanTerm”).value); const earlyPayoffTerm = parseFloat(document.getElementById(“earlyPayoffTerm”).value); if (isNaN(loanAmount) || isNaN(interestRate) || isNaN(loanTerm) || isNaN(earlyPayoffTerm) || loanAmount <= 0 || interestRate <= 0 || loanTerm el.value = “”); }

This loan payment calculator with early payoff option helps you determine your monthly payment and how much interest you could save by paying off your loan early.

Loan Payment Formula

Monthly Payment = Loan Amount × (Interest Rate / 12) / (1 – (1 + Interest Rate / 12) ^ -Term (Months))

Example Calculation

$10,000 loan at 5% interest for 10 years → Monthly Payment = $106.07, Total Interest = $2,728.46. If paid off in 5 years: Monthly Payment = $188.71, Savings = $1,018.69.

Why Early Payoff Matters

By paying off your loan early, you reduce the number of payments and interest paid, saving you money over time.

Smart Strategy

Make additional payments whenever possible to pay off your loan early and save on interest costs.

FAQs

How much can I save by paying off my loan early? It depends on your loan amount, interest rate, and remaining term. Generally, the sooner you pay, the more you save on interest.

Is it better to pay off my loan early? If you can afford it, yes! Paying off a loan early can reduce the total interest you pay.

Can I pay off my loan early without penalties? Many loans allow early repayment, but check your terms for prepayment penalties.

Loan Payment Calculator Early Payoff

Loan Payment Calculator with Early Payoff Option