Estimated Loan Payoff Calculator
A $35,000 loan at 7% over 72 months leaves a balance of $24,919 after 24 payments. Pay it off 20 days after your last payment and the amount is about $25,015, because interest keeps adding up each day.
Enter your own loan to see what an extra each month does, then read the tables for the balance at each stage and for the interest added by the day.
Estimated loan payoff calculator
Payoff with no extra: 6 years, $7,963 of interest.
Payoff with the extra: 5 years, $6,540 of interest.
You save $1,424 of interest and finish 1 year sooner.
The balance after each stage
The loan is $35,000 at 7% over 72 months, a payment of $596.72. The balance is what you owe right after that many payments.
| Payments made | Balance | Interest still to pay |
|---|---|---|
| 12 | $30,135 | $5,668 |
| 24 | $24,919 | $3,723 |
| 36 | $19,325 | $2,156 |
| 48 | $13,328 | $993 |
Interest added since your last payment
After 24 payments the balance is $24,919. The estimate adds the balance times the yearly rate divided by 365 for each day, $4.78 a day here.
| Days since last payment | Interest added | Estimated payoff |
|---|---|---|
| 0 | $0.00 | $24,919 |
| 10 | $47.79 | $24,967 |
| 20 | $95.58 | $25,015 |
| 30 | $143.37 | $25,062 |
Before you pay it off
The CFPB says a prepayment penalty is a fee that some lenders charge if you pay off all or part of your mortgage early.
Other loans set their own terms, so check your loan agreement for an early payoff fee. For a loan with a different size or term see the loan payoff calculator with additional payments.
Frequently asked questions
Why is the payoff amount higher than my statement balance?
Interest builds up every day between payments. On the example loan it adds $4.78 a day, so 20 days after your last payment the payoff is $25,015 against a balance of $24,919.
Is this estimate the exact payoff amount?
No. Your lender's payoff quote is the exact figure: it counts the days to the payoff date and may include fees. Use this page to plan, then ask for the quote before you pay.
What do I need to enter?
The balance you owe now, the yearly interest rate on your statement and the months left. The tables on this page start from the original loan and the number of payments made.
Does an extra payment change the payoff amount?
Yes, it lowers the balance the interest is charged on. On the example loan an extra $100 a month ends it in 5 years instead of 6 years and saves $1,424 of interest.
Will I pay a fee to pay a loan off early?
Some lenders charge one and some do not. Your loan agreement says which. A fee adds to the payoff amount, so ask for it in the quote.
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)
More recast guides
- Free Mortgage Recast Calculator - enter your own loan and see the new payment.
- Recast vs Refinance Calculator - Compare both options on the same loan, with a break-even point.
- Recast Fees and Rules by Lender - Fees, minimums and loan limits published by four large lenders.
- How to Calculate a Recast Payment - The formula, a step-by-step example and the numbers to check.
- How Much Will a Recast Lower My Payment? - The lump sum divided by balance shortcut, with lookup tables.
- Recast vs Extra Principal Payment - The same lump sum two ways: payment, payoff date and interest.
- Recast Amortization Schedule - Balance and interest by year, before and after a recast.
- Chase Mortgage Recast Calculator - No stated minimum, what the lender page says and what a lump sum does.
- Wells Fargo Mortgage Recast Calculator - The jumbo loan recast option, the $10,000 starting point and the rate used.
- Bank of America Mortgage Recast Calculator - Eligibility, timing and an estimate the lender will not give you.
- Best Mortgage Recast Calculator: What to Check - Seven checks and a test loan with the right answer.
- Mortgage Recast Calculator in Excel or Google Sheets - Cell-by-cell layout with PMT, interest saved and a fee break-even.
- How Much Does a Mortgage Recast Cost? - What lenders publish about the fee, and months to pay it back.
- Mortgage Recast Savings Calculator - Monthly saving, interest saved and the net after a fee, by lump sum.
- Home Loan Recast Calculator - The three numbers to enter and three worked loans.
- What Is a Mortgage Recast? - What changes, what stays the same, with a worked example.
- Extra Payments Mortgage Payoff Calculator - New payoff date and interest saved, for monthly extras and one-time payments.
- Dave Ramsey Mortgage Payoff Calculator Explained - What the calculator asks for, a loan you can check and a calculator of your own.
- Amortization Schedule for a Balloon Mortgage - Balance by year and the balloon due at the end of a 5, 7 or 10-year term.
- Car Loan Early Payoff Calculator - New payoff date and interest saved for monthly extras and a one-time payment.
- HELOC Monthly Payment Calculator - The interest-only draw payment, the repayment payment and the rise between them.
- Biweekly Mortgage Payment Calculator - Monthly against biweekly, with and without extras, and the free alternative.
- Loan Payoff Calculator for Weekly Payments - Weekly against monthly on the same loan, and the interest saved.
- Personal Loan Early Payoff Calculator - Monthly extras, and what you owe and skip if you pay the whole loan off early.
- Loan Payoff Calculator With Additional Payments - The extra as a share of the payment, and the same extra on three loans.
- Early Payoff Home Loan Calculator - The extra a month it takes to finish a home loan in the year you pick.
- Refinance Break-Even Point Calculator - Closing costs divided by the monthly saving, for any rate drop and term.
- UCCU HELOC Payment Calculator Explained - Interest-only and principal and interest HELOC payments, and the rise in repayment.
- House Loan Payoff Calculator - What you owe each year on a house loan and what a monthly extra saves.
- 401k Loan Payoff Calculator - A monthly extra or a one-time payment on a 401k loan, and the interest saved.