Loan Payoff Accelerator with
Extra and One-Time Payments

see how recurring extra monthly payments and one-time lump sums can accelerate your payoff and cut your interest

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    Loan Payoff Accelerator with Extra & One-Time Payments

    Enter your loan details and extra payments to see your new payoff date and total interest saved.

    Fixed amount added every month.

    Define One-Time Extra Payments

    These are specific, non-recurring extra payments made on certain dates (e.g., annual bonus or tax refund).

    Frequently Asked Questions

    How does this loan payoff calculator work?

    This loan payoff calculator estimates your monthly payments, payoff date, and total interest costs based on your loan balance, interest rate, and repayment term. It also includes recurring monthly extra payments and one-time lump-sum payments to show how much faster you can pay off your loan and how much interest you can save.

    Yes. This payoff calculator works for any amortized loan, including mortgages, auto loans, student loans, personal loans, and business loans. As long as your loan has a fixed interest rate and monthly payments, the calculator will generate an accurate accelerated payoff schedule.

    Adding recurring monthly extra payments directly reduces your principal every month. This lowers future interest charges and shortens your payoff timeline. Even a small recurring extra (like $25–$50/month) can save you thousands in interest and shave years off your loan.

    One-time payments—such as a tax refund, annual bonus, gift, or side-gig income—go straight toward your loan balance. The calculator applies these lump sums to your amortization schedule, showing how much they reduce your payoff date and total interest.

    Yes. This tool is designed for hybrid payoff strategies, allowing you to combine:

    • fixed monthly extra payments

    • irregular one-time payments

    The calculator shows how both work together to speed up your payoff and maximize interest savings.

    Amortization refers to the process of paying off a loan through a series of scheduled payments, where each payment covers that month’s interest and then reduces the principal balance. Over time, more of each payment goes toward principal and less toward interest, until the loan is fully repaid.

    This is the standard structure for most fixed-rate loans, and the concept is often discussed in the context of mortgages, auto loans, and even certain student loan repayment plans, which is why publications like The Wall Street Journal explore how student loans do—or don’t—follow a traditional amortization pattern.

    Yes. After you run your calculation, the tool displays a detailed month-by-month amortization schedule that includes:

    • monthly payment amount

    • interest paid

    • principal paid

    • extra payments applied

    • remaining loan balance

    This helps you understand exactly how your loan balance declines over time. Note that we also have a Student Loan Repayment Calculator and Amortization Table which allows you to quickly see how much interest and principal you are paying off each month through the use of an amortization table.

    Most lenders do, especially for car loans, student loans, and personal loans. Some mortgages may include prepayment penalties. Always review your promissory note or loan agreement to confirm whether early payments or principal-only payments are allowed.

    Popular accelerated payoff strategies include:

    • adding a small recurring monthly extra payment
    • applying one-time lump sums (bonus, tax refund, commissions)
    • switching to bi-weekly payments (if your lender supports it)
    • rounding your payment up to the nearest $50 or $100

    This calculator helps you compare strategies and see which one saves the most interest. For tips for paying off student loans more easily, check out this CFPB article. 

    Yes. This tool doesn’t just estimate payments—it builds a full accelerated debt payoff plan, showing:

    • your new payoff date

    • interest savings

    • time saved (in years and months)

    • how extra payments change your schedule

    It’s ideal for budgeting, financial planning, and long-term debt-free strategies.

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