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Personal loan payoff calculator
Debt consolidation, a medical bill, a home project. Personal loans carry higher rates than secured loans, so paying extra pays off quickly.
- Typical term
- 2–7 years
- Origination fee
- 0–10%, already paid at funding
- Prepayment penalty
- Rare; check your agreement
$841
interest you never pay
- Monthly payment
- $398.70 + $75
- Debt-free
- 3 yrs 3 mo
- Time cut
- 9 mo
- Total interest
- $3,297 vs $4,138
Every extra dollar you put in saves about $0.30 in interest ($2,850 extra in total), a guaranteed, tax-free return equal to your 12.5% rate.
Amortization schedule with extra payments
| Year | Interest | Principal | Extra | Balance |
|---|---|---|---|---|
| 1 | $1,649 | $3,135 | $900 | $10,965 |
| 2 | $1,115 | $3,670 | $900 | $6,395 |
| 3 | $510 | $4,275 | $900 | $1,220 |
| 4 | $24 | $1,070 | $150 | $0 |
Ask the trail guide about this plan
Get a plain-English read of the numbers above: what's driving the savings, what to check with your lender, and trade-offs to weigh. Written by AI from your inputs, so double-check anything important.
Why high rates make prepaying pay
At 12% or more, each extra dollar earns more than almost any safe investment. A modest monthly addition on a four-year personal loan often ends it several months early.
The origination fee, if any, was taken when the loan was funded, so paying early doesn't refund it, but it doesn't increase either.
Several loans at once? The debt snowball and avalanche calculator orders them for you.
Questions people ask
Is there a penalty for paying off a personal loan early?
Most major personal lenders charge none, but some do. Look for "prepayment" in your loan agreement or ask the lender.
Will paying off a personal loan early help my credit?
It lowers your total debt, which helps, though closing the account can slightly change your credit mix. The net effect is usually small.
Should I pay off a personal loan or credit card first?
Usually the credit card, since card APRs tend to be higher. Our debt payoff calculator puts all your debts in one plan.
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