See your payment, your payoff date, and how to get there sooner.
Enter any fixed-rate loan to see the required payment and a year-by-year breakdown. Then add a small extra payment to see how many months and dollars it saves.
- Any fixed-rate loan. Personal, auto or student loans that amortize monthly.
- Extra payment planner. See the effect of paying a little more each month.
- Yearly schedule. Principal, interest and balance for every year.
Written by the Lendli Editorial Team under our editorial policy. Last reviewed .
Loan payoff calculator
Estimates for fixed-rate installment loans with no prepayment penalty and on-time payments.
Amortization schedule
Year-by-year totals for the loan in the calculator, including any extra payment. It updates as you change the numbers.
| Year | Principal paid | Interest paid | Balance at year end |
|---|---|---|---|
| Year 1 | $3,027.17 | $1,544.05 | $8,972.83 |
| Year 2 | $3,496.49 | $1,074.73 | $5,476.34 |
| Year 3 | $4,038.57 | $532.65 | $1,437.77 |
| Year 4 | $1,437.77 | $42.92 | $0.00 |
Default example: $12,000 at 14.5% APR for 48 months: $330.94 a month, $3,884.90 total interest over 48 months. Adding $50 a month pays it off in 40 months with $3,194.36 interest, saving $690.54.
Why extra payments work so well
On an amortizing loan, each month's interest is charged on the balance you still owe. Any extra amount you pay goes straight to principal, so every later month is charged interest on a smaller balance.
That is why extra payments early in the loan save the most. The same $50 paid in month two avoids interest for the rest of the term, while $50 paid in the final year saves very little.
- Ask the lender to apply extra amounts to principal, not to next month's payment
- Confirm the loan has no prepayment penalty
- Round your payment up to the next $25 or $50 for an easy habit
Three ways to pay extra
Check that your lender accepts biweekly payments and applies them as they arrive.
How the payment is calculated
Lenders use the same formula for almost every fixed-rate installment loan. It finds the one payment amount that, paid every month, brings the balance to exactly zero at the end of the term.
In the formula, P is the amount borrowed, r is the monthly rate (the APR divided by 12, as a decimal), and n is the number of payments.
For a 14.5% APR, r is 0.145 ÷ 12 = 0.01208. The calculator does the rest.
If the rate is 0%, the payment is simply P ÷ n.
More tools
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