401k Loan Payoff Calculator
On a $20,000 loan at 8.5% with 60 months left, an extra $100 a month ends it 1 year 1 month sooner and saves $1,109 of interest.
Enter your own loan from your plan statement, then read the tables for a monthly extra and for a one-time payment.
401k loan payoff calculator
Payoff with no extra: 5 years, $4,620 of interest.
Payoff with the extra: 3 years 11 months, $3,511 of interest.
You save $1,109 of interest and finish 1 year 1 month sooner.
Extra every month
The loan is $20,000 at 8.5% with 60 months left, a payment of $410.33. With no extra it ends in 5 years and costs $4,620 in interest.
| Extra a month | Paid off in | Sooner by | Interest saved |
|---|---|---|---|
| $50 | 4 years 5 months | 0 years 7 months | $632 |
| $100 | 3 years 11 months | 1 year 1 month | $1,109 |
| $250 | 2 years 11 months | 2 years 1 month | $2,028 |
One payment after 12 months
The same loan with one extra payment after the 12th month and no other extra.
| One-time payment | Paid off in | Sooner by | Interest saved |
|---|---|---|---|
| $2,000 | 4 years 6 months | 0 years 6 months | $750 |
| $5,000 | 3 years 8 months | 1 year 4 months | $1,646 |
| $10,000 | 2 years 6 months | 2 years 6 months | $2,610 |
Before you pay early
The CFPB says a prepayment penalty is a fee that some lenders charge if you pay off all or part of your mortgage early.
A 401k loan is not a mortgage, so your plan sets its own terms. Ask your plan administrator before you send extra. For a loan outside a retirement plan see the personal loan early payoff calculator.
Frequently asked questions
How do I use this calculator for my 401k loan?
Enter the balance you still owe, the interest rate and the months left from your plan's loan statement. The extra field is the amount you add to each payment on top of the scheduled one.
How much does an extra $100 a month save?
On the example loan an extra $100 a month ends it 1 year 1 month sooner and saves $1,109 of interest.
What does a one-time payment do?
A one-time $5,000 payment after 12 months ends the example loan 1 year 4 months sooner and saves $1,646 of interest.
Can I pay my 401k loan off early?
That depends on your plan. Ask your plan administrator whether it accepts extra payments or a full payoff, how to send them and whether it charges a fee.
Which numbers come from my plan?
The rate, the number of payments and the payment amount are set by your plan. Use the figures on your loan statement, not the ones on this page.
Sources
Every figure on this page comes from the pages below. Checked 2026-11-10. Rules change, so confirm with your own servicer.
- CFPB: What is a prepayment penalty? (the definition of a prepayment penalty)
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