Loan Payoff Calculator

Overwhelmed with debt? A debt repayment plan is a good place to start.

Use our loan payoff calculator to help you pay off loans faster—so you can save money on interest.

This tool can help you see the total amount of interest you’ll pay over the lifespan of the loan and determine how much you can afford to realistically put toward your debt repayment each month. The more you’re able to put toward paying off your loan(s), the sooner you’ll be debt free and the less interest you’ll pay in the long run.

Use our loan payoff calculator to help you pay off loans faster—so you can save money on interest.

This tool can help you see the total amount of interest you’ll pay over the lifespan of the loan and determine how much you can afford to realistically put toward your debt repayment each month. The more you’re able to put toward paying off your loan(s), the sooner you’ll be debt free and the less interest you’ll pay in the long run.

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Input some information about your current credit card and loan debts, including how much you owe, interest rate, and minimum monthly payment amount.

Use our calculator to compare the debt snowball and avalanche methods. Debt snowball focuses on the smaller balances first, while debt avalanche pays off debts with the highest interest rates first.

Figure out how making extra payments can help you get out of debt faster and save you money on interest.

Predict when you’ll pay off individual loan and credit card debt accounts with each repayment plan.

See how much money each debt payoff plan will save you on interest, and estimate your total interest paid for each strategy.

There are two ways to implement the loan payoff calculator:

- To determine the amount of time it will take to fully repay your loan given a certain monthly payment
- To figure out how much you’ll need to pay each month to finish repaying your loan in a certain amount of time.

Plug in the amount you owe, or the loan amount. For example, let’s say you have a $20,000 loan. Add in your annual percentage rate (APR). In this example, we’ll say it’s 10%.

If you’re using the first approach of calculating by loan term, you’ll also need to select the number of months of your term. From there, you can add in additional payments to see how much faster you can repay the loan. In this case, figure you’re putting an extra $200 toward your loan with a 60-month loan term.

You’d see your estimated monthly payment: $424.94.

And the amount of interest you’ll pay over time: $5,296.40.

If you decided instead to calculate based on your monthly payment, presuming the same loan amount and APR but a $500 monthly payment, the calculator would show that you’d pay off the loan in 49 months, or just over four years, and pay $4,500 in interest. Just make sure you don’t get hit with an early repayment penalty.

Our loan payoff calculator uses the loan amounts and interest rates you provide to figure out how much your monthly payments will be and when you will have fully repaid your debts.

Increase the amount you pay each month or your number of monthly payments: Seems like a no-brainer, right? You don’t have to stop at fulfilling your minimum monthly payment, assuming you have the funds to do so. The more you pay toward your loan payoff, the quicker you’ll be debt-free. Whether you make a singular extra payment every year, increase your payoff strategy to include bimonthly payments, or round your monthly there are plenty of options for throwing more money at your debt—just make sure you’re meeting your essential needs. Read more

When it comes to debt repayment calculators and debt in general, there are certain terms that come up frequently and need further clarification. Here are the ones it’s important to know:

**Amortization**: “Amortizing” a loan essentially means killing it off, so amortization is the act of paying off a certain amount over time through planned, incremental payments.**Annual percentage rate (APR)**: This is sort of a fancy term for interest rate, or the cost of taking out a loan, but unlike interest rates, your APR includes other charges or fees to give you a better sense of how much you’re actually paying.**Extra payments**: Any amount more than the monthly minimum payment or any separate payment you make in addition to your minimum monthly payment.**Loan term**: The total length of your original installment loan, usually represented in months, ranging from 12 to 96 months, depending on the type of loan.**Monthly payment**: The amount you pay on a particular loan, including both the principal and interest.**Remaining balance**: The amount you have left to pay on your loan. If you started out with a principal of $20,000, and you’ve paid $12,000 toward that, your remaining balance would be $8,000.

All you need to know about loan payoff

Frequently asked loan payoff questions