Loan Payoff Calculator

Loan Payoff Calculator

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

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

How much debt do you have?

Select an option below
I just have one debt
I have more than one debt

How to use our loan payoff calculator

1. Enter your loan details

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

2. Compare debt repayment plans

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.

3. Factor in extra payments

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

4. Estimate debt-free date

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

5. Calculate interest savings

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

How our loan payoff calculator works

What will the debt payoff calculator show me?

This debt repayment calculator will help you determine which loan repayment method best suits your needs. Plus, with the loan payoff date calculator feature, you’ll get an idea of how long it’ll take you to fully pay off your debt, how much total interest you’ll pay, and how much money you’ll save along the way to a debt-free life.

How do you calculate loan payoff amounts?

Our debt 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.

What is loan balance and loan interest?

Your loan balance is how much money you need to repay for a loan. In other words, take the original amount of your loan and subtract all the payments you’ve already made. Loan interest is the amount of money you owe in addition to the loan principal—interest rates can be fixed or variable.

How much extra should you pay on your loan?

Making extra payments on your loan can help you pay off the loan faster and save on total interest paid—as long as your lender doesn’t charge a prepayment fee. Use our loan payoff calculator to see how extra payments can save you money and bump up that debt-free date—and how much extra you can afford to pay in addition to your usual payments.

What is the difference between debt avalanche and debt snowball?

While both debt repayment methods can be effective, debt snowball prioritizes paying off your smaller balances so you can get some early wins. Debt avalanche, however, prioritizes paying off your debts with the highest interest rates, in the hopes of saving you money on interest in the long run. Our debt payoff calculator helps you compare the two methods to see which may work best for you.

All you need to know about debt payoff

Is payoff a good idea?

Should you pay off debt or save? Ideally, you can find a way to do both. But the best method to pay off your debt depends on your ability to make payments and your ultimate goal—i.e., becoming debt-free faster, saving on interest, or lowering monthly payments. Our debt payoff calculator can help you decide your best route toward repayment.

Is it cheaper to pay off a loan early?

Paying off your loan early can save you on interest—just make sure your lender won’t charge you a prepayment fee to make up for the interest you won’t be paying. Our early loan payoff calculator can help you determine if early repayment is right for you, factoring in extra payments to help you save on interest and get out of debt faster.

What is the best way to pay off multiple debts?

Our multiple debt payoff calculator can help you determine the best ways to pay off debt. Depending on your goal, the right method can lower your monthly payments, save you money on interest, or get you out of debt faster. Some popular payoff methods include debt snowball, debt avalanche, and hybrid versions of the two.

Is it better to pay off your loans all at once?

A debt consolidation loan can help you pay off multiple loans at once. First, you should consider prepayment penalties and potential fees associated with consolidating. Also, think about how closing all of your loans at once can impact your credit score. If consolidating is right for you, you can get your loans paid off and simplify your payments. If consolidating doesn’t help you save money in the long run, then it’s best to consider other options.