Home Equity Loan Payoff Calculator
On a $50,000 home equity loan at 8.5% with 15 years left, an extra $250 a month ends it 7 years 4 months sooner and saves $20,439 of interest.
Enter your own loan, then read the table for the balance you would still owe in each year.
Home equity loan payoff calculator
Payoff with no extra: 15 years, $38,627 of interest.
Payoff with the extra: 7 years 8 months, $18,188 of interest.
You save $20,439 of interest and finish 7 years 4 months sooner.
Extra every month
The loan is $50,000 at 8.5% with 15 years left, a payment of $492.37. With no extra it ends in 15 years and costs $38,627 in interest.
| Extra a month | Paid off in | Sooner by | Interest saved |
|---|---|---|---|
| $100 | 10 years 10 months | 4 years 2 months | $12,171 |
| $250 | 7 years 8 months | 7 years 4 months | $20,439 |
| $500 | 5 years 3 months | 9 years 9 months | $26,562 |
Pay it all off in year 3, 5 or 8
The balance left after each year of scheduled payments on the same loan, and the interest you would no longer pay by clearing it then.
| Paid off after | Balance left | Interest you avoid |
|---|---|---|
| 3 years | $44,355 | $26,546 |
| 5 years | $39,712 | $19,373 |
| 8 years | $31,091 | $10,268 |
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.
Ask your lender whether your loan has one and how to send an extra or a full payoff. For the balance on a date between payments see the estimated loan payoff calculator, and for a line of credit the HELOC payment calculator.
Frequently asked questions
How do I use this calculator for my home equity loan?
Enter the balance you still owe, the interest rate and the years left from your loan statement. The extra field is the amount you add to each payment on top of the scheduled one.
How much does an extra $250 a month save?
On the example loan an extra $250 a month ends it 7 years 4 months sooner and saves $20,439 of interest.
What do I owe if I pay the loan off in full?
Ask your lender for a payoff quote. It is the balance plus the interest added since your last payment, and any fee your contract sets. The table on this page shows the balance only.
Is this a HELOC calculator?
No. A home equity loan here is a fixed-rate loan with a level payment. A line of credit with a draw period works differently; use the HELOC payment calculator for that.
Does an extra payment lower my monthly payment?
No. The required payment stays the same and the loan ends sooner. Ask your lender to apply the extra money to principal.
Sources
Every figure on this page comes from the pages below. Checked 2026-11-12. Rules change, so confirm with your own servicer.
- CFPB: What is a prepayment penalty? (the definition of a prepayment penalty)
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