Loan Payoff Calculator
See Total Interest and Payoff Date 2026
Calculate any loan payment, see total interest, and find out how much extra payments save.
This calculator provides estimates for informational purposes only and does not constitute financial advice.
Calculate Your Loan Payoff Date and Total Interest
This calculator works for any fixed-rate installment loan. Car loans. Personal loans. Student loans. Home equity loans. Any loan with a set balance, interest rate, and monthly payment.
Enter the loan amount, interest rate, and loan term. The calculator shows your monthly payment, total interest paid, and exact payoff date. Then enter an extra payment amount to see how much time and money you save.
How Extra Loan Payments Work
Every installment loan payment splits into two parts: interest and principal. In the early months of a loan, most of your payment goes to interest. The principal portion grows gradually as your balance decreases.
When you make an extra payment, the full extra amount goes directly to principal. It does not pay next month's payment. It reduces your outstanding balance, which means less interest accrues over the remaining life of the loan.
Here is what that looks like on a real loan:
$15,000 auto loan at 7.5% APR, 60-month term
- Standard monthly payment: $300.57
- Total interest paid: $3,034
Add $75 extra per month:
- New effective term: 48 months
- Total interest paid: $2,337
- Savings: $697
Add $150 extra per month:
- New effective term: 40 months
- Total interest paid: $1,951
- Savings: $1,083
The savings from extra payments on a 7.5% loan are meaningful but smaller than on a high-interest credit card. The highest priority for extra payments is always the debt with the highest interest rate. Use the debt avalanche calculator to prioritize across multiple debts.
Car Loan Payoff: How to Pay Off Your Auto Loan Early
Car loans are ideal candidates for early payoff for two reasons.
First, cars depreciate fast. New cars lose 20% to 30% of their value in the first year. If your loan balance drops slower than the car's value, you can end up owing more than the car is worth. This is called being "underwater" or "upside down" on your loan. Paying extra principal reduces your balance faster and keeps you above water.
Second, eliminating a car payment frees up significant monthly cash flow. A $400 per month car payment paid off 18 months early frees $7,200 in cash that can go toward other debt or savings.
Check your loan terms before making extra payments. Most auto loans allow extra principal payments without penalty. A few older loan agreements include prepayment penalties. Read your loan agreement or call your lender to confirm.
Student Loan Payoff: Federal vs. Private
The loan payoff calculator works for private student loans exactly as shown. For federal student loans, there are important considerations.
Federal student loans may qualify for income-driven repayment plans, Public Service Loan Forgiveness, or other forgiveness programs. Before aggressively paying off federal loans, verify whether you qualify for any forgiveness program. If you work for a government agency or qualifying nonprofit, PSLF forgives the remaining balance after 120 qualifying payments. Aggressively paying off loans that would otherwise be forgiven is a significant financial error.
Private student loans do not have forgiveness options. They respond to the same payoff math as any other installment loan. If your private student loan rate is above 7%, it is high priority. If it is below 6%, investing above the employer match in retirement accounts may mathematically beat paying extra on the loan.
For a full picture across multiple student loans, use the debt avalanche calculator to sort by rate and create a payoff sequence.
Personal Loan Payoff Calculator
Personal loans are often used for debt consolidation. If you consolidated several credit cards into a personal loan at a lower rate, this calculator shows your new payoff timeline.
Compare the result to where you were before consolidation. Enter the old credit card balances and rates into the credit card payoff calculator to see how much consolidation saved you.
The key risk with consolidation: the freed-up credit card balances. Once you consolidate credit cards and your balances are zero, the temptation to use the cards again is real. If you run the card balances back up while paying the personal loan, you now have more debt than before. The consolidation strategy only works if the credit cards stay at zero.
Loan Payoff FAQ
How does a loan payoff calculator work?▼
A loan payoff calculator uses the standard loan amortization formula. It takes your loan balance, annual interest rate, and monthly payment. Each month, it calculates interest by dividing your annual rate by 12 and multiplying by the remaining balance. That interest is subtracted from your payment. The remainder reduces your balance. This continues until the balance reaches zero. The result is your exact payoff date and total interest paid. When you add an extra monthly payment, the additional amount reduces the principal faster, shortening the timeline and reducing total interest.
Does paying off a loan early hurt your credit score?▼
Paying off a loan early generally does not hurt your credit score in a meaningful way. Your payment history remains positive. However, you may see a small temporary dip in your score when the account closes. This happens because closed installment accounts affect your credit mix and, eventually, the average age of your accounts. The effect is usually minor and short-lived. For most people, the financial benefit of eliminating a debt payment far outweighs any temporary credit score fluctuation.
Can I make extra payments on any loan?▼
Most installment loans allow extra payments without penalty. Federal student loans, most personal loans, and most mortgages have no prepayment penalty. Some auto loans, especially dealer-arranged financing, and some older mortgages include prepayment penalties. Always check your loan agreement before making extra payments. Look for a section titled 'prepayment' or 'early payoff.' If you cannot find it, call your lender and ask directly. Any penalty should be compared against the interest savings from early payoff to decide whether extra payments are still worthwhile.
What is an amortization schedule?▼
An amortization schedule is a complete month-by-month table showing how each payment on an installment loan is split between interest and principal. In the early months, the interest portion is large because your balance is high. Over time, as the balance decreases, less interest accrues and more of each payment goes to principal. The amortization schedule also shows your remaining balance after each payment. This calculator generates a full amortization schedule. It is useful for understanding exactly how much of any given payment actually reduces your loan balance.
Is it better to make biweekly payments instead of monthly?▼
Making biweekly payments instead of monthly payments results in one extra full payment per year. This happens because there are 52 weeks in a year, which creates 26 biweekly payment periods. At a standard monthly schedule, you make 12 payments. At biweekly, you make the equivalent of 13 monthly payments. That extra payment goes entirely to principal every year. On a 30-year mortgage, this strategy typically reduces the payoff time by 4 to 6 years and saves tens of thousands of dollars in interest. Not all lenders accept true biweekly payments, so verify with your lender. As an alternative, simply divide your monthly payment by 12 and add that amount as extra principal each month.
What is the best loan to pay off first?▼
Pay off the loan with the highest interest rate first. This is the debt avalanche method and it minimizes total interest paid. Among installment loans and credit cards combined, your priority ranking by rate produces the most efficient payoff sequence. Use the debt avalanche calculator to sort all your debts by rate and see the optimal payoff order. If keeping motivation is a challenge, the debt snowball calculator can help by targeting the smallest balance first for faster early wins.
How do I calculate my loan payoff amount?▼
Your loan payoff amount is the outstanding principal balance plus any interest that has accrued since your last payment. To get the precise payoff amount, contact your lender and request a payoff quote with a specific good-through date. Interest accrues daily on most loans, so the payoff amount changes every day. If you are planning to pay off a loan with a lump sum (such as a settlement, inheritance, or bonus), get the payoff quote for the exact date you plan to send the payment.