What this calculator tells you
The Loan Payoff Calculator helps translate amount, APR, term, payment, or debt inputs into a planning estimate. Use the output to compare scenarios, not as a lender quote.
Limitations
Calculator results do not include every lender fee, state rule, underwriting condition, payment timing variation, optional product, or final disclosure. Actual terms come only from the lender or partner reviewing a request.
Compare next
| If the result shows | Compare next |
|---|---|
| Payment looks high | Try a smaller amount, lower APR assumption, or longer term while checking total cost. |
| Total interest looks high | Compare a shorter term or extra-payment strategy. |
| Debt ratio looks tight | Review affordability before adding another payment. |
| Two offers look close | Compare APR, fees, net proceeds, due date, and total repayment. |
Quick answer: Estimate how an extra monthly payment could shorten payoff time and reduce interest on a fixed-payment personal loan. Results are estimates and do not account for lender-specific prepayment rules.
Published: October 1, 2026 | Updated: October 1, 2026 | Editorial attribution: Borrow Your Loan Editorial Team
Current estimated payment: $0
New estimated payoff time: 0 months
Months saved: 0
Estimated interest saved: $0
Before paying extra
| Question | Why it matters |
|---|---|
| Is there a prepayment penalty? | Some agreements may limit or charge for early payoff. |
| Are extra payments applied to principal? | Principal-only application can reduce interest faster. |
| Do you have emergency savings? | Paying extra should not create new borrowing pressure. |
Illustrative extra-payment example
Illustrative example - not an offer - actual terms vary. This example assumes a $10,000 remaining balance at 18% APR with 48 scheduled months remaining and an extra $100 monthly payment applied to principal after accrued interest.
| Balance | APR | Remaining term | Normal payment | Extra payment | Estimated payoff time | Months saved | Estimated interest difference |
|---|---|---|---|---|---|---|---|
| $10,000.00 | 18% | 48 months | $293.75 | $100.00 | 33 months | 15 months | $1,416.54 |
Methodology
The calculator estimates the scheduled payment using a fixed-installment formula, then simulates monthly interest and principal reduction with the extra payment added. Zero APR is handled as straight-line principal repayment.
Borrow Your Loan is not a lender. Your loan agreement controls payment application, payoff amount, fees, and prepayment rules.
Read early payoff guide