The free loan payoff calculator that works for personal loans, auto loans, student loans, and any fixed-rate debt. Enter your balance, rate, and payment to get your payoff date and a complete three-scenario comparison.
See how extra payments accelerate your payoff in the scenarios below
Enter your loan details to see your payoff plan.
This free loan payoff calculator handles any fixed-rate installment loan: personal loans, auto loans, student loans, debt consolidation loans, home improvement loans, or any other fixed-payment debt. Enter your current outstanding balance, your interest rate, and your monthly payment — and you'll instantly see your payoff date, total interest cost, and a three-scenario comparison showing how extra payments accelerate your path to debt-free.
Personal loans from banks, credit unions, and online lenders typically carry APRs of 8–20% for borrowers with good credit, and 20–36% for those with fair credit. They're commonly used for debt consolidation, home improvements, medical expenses, and major purchases. Because personal loans have fixed interest rates and fixed monthly payments, they're the simplest type of loan to calculate — your payment is the same every month, your interest charge shrinks as your balance falls, and you'll pay exactly the number of payments you calculate here.
Auto loans are secured by the vehicle, which is why they typically carry lower interest rates than unsecured personal loans — generally 5–10% for new cars and 7–15% for used vehicles as of 2024–2025. The loan payoff calculation is identical regardless of what's securing the loan: the same amortization math applies. One important consideration with auto loans: if you're "underwater" on your loan (you owe more than the car is worth), paying extra each month to get back above water should be a priority before any other debt strategy.
Student loans come in two main flavors: federal (typically 5–8% fixed) and private (variable or fixed, typically 4–15%). Federal student loans have additional considerations — income-driven repayment plans, Public Service Loan Forgiveness, deferment options — that this calculator doesn't model. For straightforward payoff planning on standard repayment plans, however, the math here is accurate. For private student loans, the calculation is identical to any other fixed-rate installment loan.
On a $15,000 personal loan at 12% APR with a $350/month payment: the standard payoff takes 52 months and costs $3,180 in interest. Adding just $100/month cuts it to 39 months and saves $1,240 in interest. The scenarios section above shows you this calculation for your own numbers.
Make biweekly payments. Instead of one monthly payment, make half-payments every two weeks. This results in 26 half-payments (13 full payments) per year versus 12 monthly payments — one extra payment annually with no budget impact.
Round up your payment. If your payment is $347, pay $400. The extra $53/month costs you almost nothing in daily spending but compounds significantly over a multi-year loan term.
Apply windfalls directly. Tax refunds, work bonuses, or any unexpected lump sum applied to your loan principal directly reduces all future interest charges. Even a $500 one-time payment can eliminate several months from your payoff timeline.
Refinance to a lower rate. If your credit score has improved since you took out the loan, or if rates have fallen, refinancing to a lower rate reduces your interest cost significantly. Compare the refinancing costs against the interest savings to verify it's worthwhile.
Use the debt avalanche. If you have multiple loans, target the highest-rate loan first with any extra money while maintaining minimums on the others. Our multi-debt planner automates this calculation across all your loans simultaneously.