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Loan Payoff Calculator
See exactly when a loan you already have will be gone, what it costs in interest, and how much sooner it closes if you pay a little extra each month.
Works for student, auto, personal and home loans. Everything is calculated in your browser and nothing is stored.
Your loan today
What you still owe
From your latest statement
What you pay today
Paid on top, every month
At 9.5% APR, this month's interest charge alone is $142.50. Everything above that reduces the balance.
Debt-free in
3 years 7 months
- Balance today
- $18,000.00
- Total interest
- $3,272.00
- Total you repay
- $21,272.00
- Interest as % of balance
- 18.2%
Assumes a fixed rate, a fixed payment and no fees. Prepayment penalties and variable rates can shift the real payoff date.
Track this loan in FinwiseA free account tracks loan balances, payments and how they affect your net worth.
Balance over time
Your current payment against the same loan with the extra payment added.
Payoff schedule
How each payment splits between interest and principal on the plan above.
Year 1
- Paid
- $6,000.00
- Interest
- $1,518.19
- Principal
- $4,481.81
- Balance
- $13,518.19
Year 2
- Paid
- $6,000.00
- Interest
- $1,073.40
- Principal
- $4,926.60
- Balance
- $8,591.57
Year 3
- Paid
- $6,000.00
- Interest
- $584.42
- Principal
- $5,415.58
- Balance
- $3,175.99
Year 4
- Paid
- $3,272.00
- Interest
- $96.01
- Principal
- $3,175.99
- Balance
- $0.00
How to pay off a loan faster
Every extra dollar of principal you repay today removes all the interest that dollar would have earned for the rest of the loan. That is why small, consistent extra payments beat one-off gestures.
- 1. Know the monthly interest charge. Balance times APR divided by twelve. Anything you pay above it is real progress.
- 2. Round the payment up. Moving a payment from 400 to 450 is usually painless and shortens the tail of the loan noticeably.
- 3. Target the highest rate first. With several debts, put the extra money on the highest APR — that is the avalanche method.
- 4. Keep the payment after a raise. If your loan payment drops, redirect the difference rather than absorbing it into spending.
- 5. Check the fine print. Confirm extra payments are applied to principal, and that there is no prepayment penalty.
Loan payoff calculator FAQ
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