Loan Payoff Calculator

Written byOleh Soloninupdated 25 September 2026

Currency

Remaining loan balance

Annual interest rate, %

Remaining term (months)

Prepayment mode

Recurring extra payment

Regular extra amount added at the selected frequency.

Advanced options

Extra payment frequency

One-time lump-sum payment

One-time extra principal payment in the selected month.

Month for lump-sum payment

Next payment date

Used to put dates on the payment schedule.

Result

Baseline monthly payment

$497.21

Accelerated monthly payment

$597.21

Baseline payoff term (months)

Accelerated payoff term (months)

Months saved

Interest saved

$572.91

Payment schedule

  №  Date                Payment      Interest      Principal         Balance
  1  Oct 6, 2026          597.21        148.25         448.96       14,551.04
  2  Nov 6, 2026          597.21        143.81         453.40       14,097.64
  3  Dec 6, 2026          597.21        139.33         457.88       13,639.76
  4  Jan 6, 2027          597.21        134.81         462.41       13,177.35
  5  Feb 6, 2027          597.21        130.24         466.98       12,710.38
  6  Mar 6, 2027          597.21        125.62         471.59       12,238.78
  7  Apr 6, 2027          597.21        120.96         476.25       11,762.53
  8  May 6, 2027          597.21        116.25         480.96       11,281.57
  9  Jun 6, 2027          597.21        111.50         485.71       10,795.86
 10  Jul 6, 2027          597.21        106.70         490.51       10,305.35
 11  Aug 6, 2027          597.21        101.85         495.36        9,809.99
 12  Sep 6, 2027          597.21         96.96         500.26        9,309.73
 13  Oct 6, 2027          597.21         92.01         505.20        8,804.53
 14  Nov 6, 2027          597.21         87.02         510.19        8,294.33
 15  Dec 6, 2027          597.21         81.98         515.24        7,779.10
 16  Jan 6, 2028          597.21         76.88         520.33        7,258.77
 17  Feb 6, 2028          597.21         71.74         525.47        6,733.30
 18  Mar 6, 2028          597.21         66.55         530.66        6,202.63
 19  Apr 6, 2028          597.21         61.30         535.91        5,666.72
 20  May 6, 2028          597.21         56.01         541.21        5,125.52
 21  Jun 6, 2028          597.21         50.66         546.56        4,578.96
 22  Jul 6, 2028          597.21         45.26         551.96        4,027.00
 23  Aug 6, 2028          597.21         39.80         557.41        3,469.59
 24  Sep 6, 2028          597.21         34.29         562.92        2,906.67
 25  Oct 6, 2028          597.21         28.73         568.48        2,338.19
 26  Nov 6, 2028          597.21         23.11         574.10        1,764.08
 27  Dec 6, 2028          597.21         17.44         579.78        1,184.31
 28  Jan 6, 2029          597.21         11.70         585.51          598.80
 29  Feb 6, 2029          597.21          5.92         591.29            7.50
 30  Mar 6, 2029            7.58          0.07           7.50            0.00

This result is informational only and is not professional advice.

Base interest cost$2,899.64

Interest saved$572.91

Base scenario

36 mo ? $497.21 / mo

With extra payment

30 mo ? $597.21 / mo

Balance trend

Month 1$14,551.04

Month 6$12,238.78

Month 11$9,809.99

Month 16$7,258.77

Month 21$4,578.96

Month 26$1,764.08

Schedule with extra payments

Period	Payment	Interest	Principal	Balance
1	$597.21	$148.25	$448.96	$14,551.04
2	$597.21	$143.81	$453.40	$14,097.64
3	$597.21	$139.33	$457.88	$13,639.76
4	$597.21	$134.81	$462.41	$13,177.35
5	$597.21	$130.24	$466.98	$12,710.38
6	$597.21	$125.62	$471.59	$12,238.78
7	$597.21	$120.96	$476.25	$11,762.53
8	$597.21	$116.25	$480.96	$11,281.57
9	$597.21	$111.50	$485.71	$10,795.86
10	$597.21	$106.70	$490.51	$10,305.35
11	$597.21	$101.85	$495.36	$9,809.99
12	$597.21	$96.96	$500.26	$9,309.73
13	$597.21	$92.01	$505.20	$8,804.53
14	$597.21	$87.02	$510.19	$8,294.33
15	$597.21	$81.98	$515.24	$7,779.10
16	$597.21	$76.88	$520.33	$7,258.77
17	$597.21	$71.74	$525.47	$6,733.30
18	$597.21	$66.55	$530.66	$6,202.63
19	$597.21	$61.30	$535.91	$5,666.72
20	$597.21	$56.01	$541.21	$5,125.52
21	$597.21	$50.66	$546.56	$4,578.96
22	$597.21	$45.26	$551.96	$4,027.00
23	$597.21	$39.80	$557.41	$3,469.59
24	$597.21	$34.29	$562.92	$2,906.67
25	$597.21	$28.73	$568.48	$2,338.19
26	$597.21	$23.11	$574.10	$1,764.08
27	$597.21	$17.44	$579.78	$1,184.31
28	$597.21	$11.70	$585.51	$598.80
29	$597.21	$5.92	$591.29	$7.50
30	$7.58	$0.07	$7.50	$0.00

Extra payments and lump sums: new term, payment, savings and a dated schedule

See how extra payments pay off a personal loan early: monthly overpayments and a lump sum, a shorter term or a lower payment, the interest saved and a dated payment schedule.

An extra payment goes straight to the balance, and no interest is charged on that part again. This calculator compares your loan as it is with your plan of regular overpayments and a lump sum in a chosen month, and shows how many months come off, or how far the payment falls, and how much interest you save.

Below the result is the new schedule: each payment's number and date, how much of it is interest and principal, and the balance after it. Enter your next payment date and the schedule is dated for you.

How to use

Enter the remaining balance, the rate and the months left on the loan.
Enter a regular overpayment and how often you make it; add a lump sum and its month in the extra fields.
Choose whether to shorten the term or lower the payment.
Read the interest saved and the new schedule; set the next payment date in the extra fields to see dates.

What extra payments save

Example: 15,000 left at 11.86% over 36 months, a payment of 497.21 and 2,899.64 of interest still to pay. Adding 100 a month clears the loan in 30 months instead of 36 and saves 572.91 in interest.

Balance 15,000 at 11.86% over 36 months, overpayments used to shorten the term. Worked out with this calculator.
Extra per month	New term	Months saved	Interest saved
50	33 months	3	318.67
100	30 months	6	572.91
200	25 months	11	951.39

Shorter term or lower payment

After an overpayment the lender either keeps the payment and the loan ends sooner, or recalculates a lower payment over the remaining term. Shortening the term saves more: a 3,000 lump sum in month 6 ends the loan in 29 months and saves 895.10, while using it to lower the payment brings the payment to 381.17 and saves 481.39.

Reading the payment schedule

Each row shows the payment, the interest in it, the principal it repays and the balance left. Interest is the balance times the monthly rate, so it falls every month and more of each payment goes to principal. With overpayments the balance falls faster and the last rows disappear.

Lenders accrue interest by the day and apply overpayments on specific dates, so their schedule can differ by small amounts. Check your loan agreement for any early repayment fee before paying extra.

What this calculator shows

The payment and term with and without extra payments
How many months come off the loan, or the new lower payment
The interest saved
A new schedule with dates, interest, principal and balance

What to keep in mind

The rate is fixed, with interest at the annual rate ÷ 12 each month; daily accrual can make small differences.
Extra payments are made with the regular payment and go entirely to principal; a lower payment is recalculated over the remaining term.
Dates fall on the same day of the month as the next payment, or on the last day of a shorter month.

FAQs

Should extra payments shorten the term or lower the payment?

Shortening the term saves more interest. A 3,000 lump sum in month 6 saves 895.10 that way and 481.39 if it lowers the payment instead.

How much does an extra 50 a month save?

On 15,000 at 11.86% with 36 months left, 318.67 of interest and 3 months. Enter your own balance, rate and term.

When should I make an extra payment?

As early as you can, while the balance and the interest on it are largest.

How do I get a dated payment schedule?

Enter your next payment date in the extra fields. The schedule then shows each payment's date alongside the interest, principal and remaining balance.

Is there a fee for paying a loan off early?

That depends on the loan agreement. Check it for early repayment fees before overpaying.

Should I pay off a loan or keep savings?

Compare the loan rate with what your savings earn after tax. Paying off the loan earns its interest rate, but keep an emergency fund first, because money paid into a loan cannot be taken back out.

Why is my lender's figure slightly different?

Lenders count interest by the day between payment dates, while this calculator works in whole months.

Worked example

An extra 100 a month

Input: Balance 15,000; rate 11.86%; 36 months left; 100 extra each month; shorten the term

Output: 30 months instead of 36; 572.91 of interest saved

Note: The payment with the overpayment is 597.21. Paying 200 extra would clear the loan in 25 months.

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