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Track your payoff plan in the DebtClear app
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Personal Loan Payoff Calculator
Find your exact payoff date and total interest for any personal loan. Model extra payments to see how much you'll save. Free, instant, no account needed.
Your Debts
Payoff Strategy
Extra Monthly Payment
📊 Your Payoff Plan
Balance Over Time
| Month | Balance | Payment | Interest |
|---|---|---|---|
| Aug 2026 | $4,992 | $100 | $91.67 |
| Jul 2027 | $4,889 | $100 | $89.82 |
| Jun 2028 | $4,764 | $100 | $87.57 |
| May 2029 | $4,612 | $100 | $84.82 |
| Apr 2030 | $4,425 | $100 | $81.47 |
| Mar 2031 | $4,197 | $100 | $77.37 |
| Feb 2032 | $3,919 | $100 | $72.36 |
| Jan 2033 | $3,580 | $100 | $66.24 |
| Dec 2033 | $3,165 | $100 | $58.78 |
| Nov 2034 | $2,658 | $100 | $49.66 |
| Oct 2035 | $2,040 | $100 | $38.52 |
| Sep 2036 | $1,284 | $100 | $24.92 |
| Aug 2037 | $362 | $100 | $8.32 |
📱 Track your real payments and progress in the free app
Download Free App →Personal Loan APR: What's Normal?
Personal loan rates vary widely based on credit score and lender type. Here's what to expect:
| Credit Score | Typical APR Range | Lenders |
|---|---|---|
| 720+ (Excellent) | 6–11% | Banks, credit unions |
| 680–719 (Good) | 11–16% | Banks, online lenders |
| 640–679 (Fair) | 16–22% | Online lenders, some banks |
| 580–639 (Poor) | 22–30% | Specialized lenders |
| Below 580 | 30%+ | Limited options — build credit first |
If your personal loan rate is above 15%, refinancing may save significantly — especially if your credit score has improved since you took out the loan.
Payoff Priority: Where Does a Personal Loan Fit?
If you have multiple debts, the order you pay them off matters. Using the avalanche method (highest APR first):
- Payday loans — rates can exceed 300% APR. Always first.
- Credit cards — typically 18–29% APR. High priority.
- Personal loans — typically 8–20% APR. Depends on rate.
- Auto loans — typically 5–9% APR. Moderate priority.
- Student loans — typically 4–7% APR. Often lowest priority.
Use the multi-debt calculator to model your full debt picture — it applies snowball or avalanche across all your balances simultaneously.
How Extra Payments Accelerate Payoff
The math is straightforward: every extra dollar reduces your principal, which reduces future interest calculations. The effect compounds over the life of the loan.
Example: $12,000 at 14% APR, 3-year term
$375 saved, 4 mo faster
$696 saved, 7 mo faster
$1,235 saved, 12 mo faster
Frequently Asked Questions
How does a personal loan payoff calculator work?
A personal loan payoff calculator uses your current balance, APR, and monthly payment to project how long until the loan is paid off and how much total interest you'll pay. It applies the amortization formula: each month, interest is calculated on the remaining balance, your payment covers that interest, and the remainder reduces your principal.
Can I pay off a personal loan early without a penalty?
Many personal loans allow early payoff with no penalty, but not all. Check your loan agreement for prepayment penalty clauses. Even if a penalty exists, it's often a flat fee (1–2% of remaining balance) that's smaller than the interest you'd save by paying off early.
Should I pay off my personal loan or credit card debt first?
In almost all cases, pay credit card debt first. Credit card APRs average 20–24%, while personal loan APRs typically range 10–20%. Using the avalanche method (highest rate first), you minimize total interest paid across all debts. Use the multi-debt calculator to compare both scenarios.
How much does making one extra payment per year save?
On a $15,000 personal loan at 12% APR with a 4-year term, making one extra full payment per year can shorten your payoff by 6–9 months and save approximately $600–900 in interest. The earlier in your loan term you make extra payments, the more you save.
Track All Your Debts in One App
Combine your personal loan with credit cards, auto loans, and other debts in the free DebtClear app. Get a single payoff date and never miss a payment.