Personal loan payoff calculator
Payoff date for $15,000 at 12.5%, paying $340.00/monthworked example
August 1, 2031
- Time to zero
- 5 years
- Total interest
- $5,190.52
- Total paid
- $20,190.52
Paying $340.00 every month clears this $15,000 personal loan in 5 years and costs $5,190.52 in interest. Interest is computed monthly on the declining balance. Check your agreement for a prepayment penalty or precomputed-interest clause before committing to an early-payoff plan — this calculator cannot see your contract.
For a fixed-payment personal loan: the payoff date at your current payment, the months and interest an extra payment removes, and how the interest-to-principal split of each payment shifts over the schedule. Amortization computed month by month, matching the standard mechanics the CFPB describes.
How to use this calculator
- 1
Use the payoff balance from your lender
Your lender's app shows the current principal; a formal "payoff quote" may add per-diem interest to a specific date. Either is fine to start from, but the quote is the number to use if you are about to clear the loan outright.
- 2
Enter the contractual payment
Fixed-payment loans run on rails: the payment is set and the term is set. Enter the payment your agreement requires, then use the extra field to explore paying faster — that separation keeps the baseline honest.
- 3
Read the schedule to see where you are
Early payments are mostly interest because the balance is largest at the start; the split reverses over the term. Knowing which side of the crossover you are on tells you how much an extra payment is really buying.
- 4
Check for a prepayment penalty before accelerating
Most personal loans have none, but some do, and a precomputed-interest structure changes the arithmetic entirely. It is one paragraph in your agreement and it decides whether this plan is worth making.
- Fixed-payment amortization — each month: interest = balance x APR/12; principal = payment - interest; closed form n = -ln(1 - rP/M) / ln(1+r). Verified against CFPB — How does paying down a mortgage work?
- Monthly interest accrualconvention — interest per month = balance x (APR / 12). Verified against CFPB — How does my credit card company calculate the amount of interest I owe? (issuers compound daily on the average daily balance, so a real statement can differ by a few dollars)
Everything you type here is computed in your browser. Nothing you enter is stored on a server, sent anywhere, or shared — there is no account, and your balances never leave your device.
Frequently asked questions
How is a personal loan different from card debt in this math?
Why is so much of my early payment interest?
Should I check for a prepayment penalty first?
My loan quote shows a different payment than this calculator. Why?
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