Loan Payoff Calculator

Free loan payoff calculator. Find your debt-free date and see how extra payments reduce total interest paid on any loan.

✓ Free to use ✓ Instant results ✓ Mobile friendly ✓ No sign-up needed

Loan Balance

Interest Rate (% p.a.)

Monthly Payment

Extra Payment/mo

Months to Payoff

Payoff Date

Total Interest

Interest Saved

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How the Loan Payoff Calculator Works

Enter your current loan balance, interest rate, and monthly payment to see exactly when you will be debt-free. Use the extra payment field to see how overpaying each month can dramatically reduce your payoff time and total interest.

Debt Payoff Strategies

Avalanche Method: Pay minimums on all debts, then put extra money toward the highest interest debt first. Saves the most interest.
Snowball Method: Pay minimums on all debts, then pay off the smallest balance first. Builds psychological momentum.
Overpay Regularly: Even an extra £50/month can save thousands in interest and shave years off a loan.

Frequently Asked Questions

How much do extra payments save?+

Even small extra payments make a big difference. On a £15,000 loan at 8.5%, an extra £100/month saves over £1,500 in interest and pays off the loan 18 months early.

Is it better to overpay or invest?+

If your loan interest rate is higher than your expected investment return, overpaying the loan wins. If your investment return is higher, investing may be better — but there is no risk with paying off debt.

Does my lender charge early repayment fees?+

Some lenders charge early repayment charges (ERCs). Check your loan agreement before making overpayments — the savings still usually outweigh the fee.

Loan Payoff Calculator

✨ More financial tools

How the Loan Payoff Calculator Works

Debt Payoff Strategies

Frequently Asked Questions

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