Personal Loan Early Payoff Calculator
Extra principal ends a personal loan sooner and cuts the interest. On a $15,000 loan at 12% with 48 months left, an extra $50 a month ends it 0 years 6 months sooner and saves $575 of interest.
Enter your own loan, then read the tables for the effect of a monthly extra and for paying the whole loan off early.
Personal loan early payoff calculator
Payoff with no extra: 4 years, $3,960 of interest.
Payoff with the extra: 3 years 6 months, $3,386 of interest.
You save $575 of interest and finish 0 years 6 months sooner.
Extra every month
The loan is $15,000 at 12% with 48 months left, a payment of $395.01. With no extra it ends in 4 years and costs $3,960 in interest.
| Extra a month | Paid off in | Sooner by | Interest paid | Interest saved |
|---|---|---|---|---|
| $25 | 3 years 9 months | 0 years 3 months | $3,650 | $310 |
| $50 | 3 years 6 months | 0 years 6 months | $3,386 | $575 |
| $100 | 3 years 1 month | 0 years 11 months | $2,960 | $1,001 |
| $200 | 2 years 6 months | 1 year 6 months | $2,371 | $1,590 |
Paying the whole loan off early
The same loan, paid on schedule and then settled in one payment. The balance is what you still owe after that many payments.
| Pay it all off after | Balance to pay | Interest you skip |
|---|---|---|
| 12 months | $11,893 | $2,328 |
| 24 months | $8,391 | $1,089 |
| 36 months | $4,446 | $294 |
If your lender charges a fee for paying early, take it off the interest you skip before you decide.
Before you pay early
The CFPB says a prepayment penalty is a fee that some lenders charge if you pay off all or part of your mortgage early.
Other loans set their own terms, so check your personal loan agreement for an early payoff fee.
Interest is charged on the balance you owe, so every extra dollar that reaches the balance stops charging interest. Ask the lender how an extra payment is applied. For car loans see the car loan early payoff calculator.
Frequently asked questions
How much does an extra $50 a month save on a personal loan?
On the example loan it ends the loan 0 years 6 months sooner and saves $575 of interest. An extra $200 a month saves $1,590.
Is it better to pay a personal loan off in full or add a little each month?
Paying it all off removes all the interest still to come, and the table above shows how much that is at each point. Small monthly extras remove part of it.
Does the payoff amount match the balance on my statement?
Not always. Ask your lender for a payoff quote: it usually includes interest up to the day you pay and may include fees, so it can differ from the statement balance.
Will I pay a fee to pay off a personal loan early?
Some lenders charge one and some do not. Your loan agreement says which. A fee reduces the saving, so subtract it from the interest saved before you decide.
Does the calculator use the rate on my offer?
It uses the yearly interest rate you type and charges it on the balance every month. Use the interest rate on your statement, not the APR on the offer, if they differ.
Sources
Every figure on this page comes from the pages below. Checked 2026-11-08. Rules change, so confirm with your own servicer.
- CFPB: What is a prepayment penalty? (the definition of a prepayment penalty)
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