Loan Payoff Visualizer
See exactly how fast you can be debt-free. Calculate time and interest savings instantly.
Loan Details
$
%
$
Minimum required payment.
+ $
Add this amount to principal every month.
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Total Interest Saved
$0
By adding the extra payment.
Time Saved
0 Months
Debt Free by: —
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Balance Over Time
Standard
With Extra Payment
Comparison
| Scenario | Payoff Time | Total Interest | Total Cost |
|---|---|---|---|
| Standard | — | — | — |
| Accelerated | — | — | — |
Frequently Asked Questions
Does paying extra really reduce interest?
Yes! Interest is calculated on your *remaining balance* daily or monthly. By paying down the principal faster, you lower the balance, which lowers the interest charged next month. This creates a snowball effect of savings.
Should I pay off my mortgage or invest?
Compare your mortgage interest rate (e.g., 6%) to expected investment returns (e.g., 8%). However, paying off debt offers a *guaranteed* return, whereas the stock market involves risk. Many people choose to do a mix of both.