Loan Payoff Calculator
See exactly when you will be debt free and how much interest you save by making extra payments.
Rate data sourced from FRED® API — Updated: April 4, 2026
Select Your Debt Type
Loan Details
Amount above your minimum payment applied to principal
Standard Payoff
5 years
$326.14/month
Total Interest
$4,568
With Extra Payments
3 yr 7 mo
$426.14/month
Total Interest
$3,194
You save $1,374 in interest!
By paying an extra $100.00 per month, you pay off your loan 1 yr 5 mo earlier and save $1,374 in total interest.
Accelerated Payoff Schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $426.14 | $288.64 | $137.50 | $14,711 |
| 2 | $426.14 | $291.28 | $134.85 | $14,420 |
| 3 | $426.14 | $293.95 | $132.18 | $14,126 |
| 4 | $426.14 | $296.65 | $129.49 | $13,829 |
| 5 | $426.14 | $299.37 | $126.77 | $13,530 |
| 6 | $426.14 | $302.11 | $124.03 | $13,228 |
| 7 | $426.14 | $304.88 | $121.26 | $12,923 |
| 8 | $426.14 | $307.67 | $118.46 | $12,615 |
| 9 | $426.14 | $310.49 | $115.64 | $12,305 |
| 10 | $426.14 | $313.34 | $112.80 | $11,992 |
| 11 | $426.14 | $316.21 | $109.92 | $11,675 |
| 12 | $426.14 | $319.11 | $107.02 | $11,356 |
| 13 | $426.14 | $322.04 | $104.10 | $11,034 |
| 14 | $426.14 | $324.99 | $101.15 | $10,709 |
| 15 | $426.14 | $327.97 | $98.17 | $10,381 |
| 16 | $426.14 | $330.97 | $95.16 | $10,050 |
| 17 | $426.14 | $334.01 | $92.13 | $9,716 |
| 18 | $426.14 | $337.07 | $89.07 | $9,379 |
| 19 | $426.14 | $340.16 | $85.98 | $9,039 |
| 20 | $426.14 | $343.28 | $82.86 | $8,696 |
| 21 | $426.14 | $346.42 | $79.71 | $8,349 |
| 22 | $426.14 | $349.60 | $76.54 | $8,000 |
| 23 | $426.14 | $352.81 | $73.33 | $7,647 |
| 24 | $426.14 | $356.04 | $70.10 | $7,291 |
Debt Payoff Strategies
❄️ Avalanche Method
Pay minimums on all debts. Put every extra dollar toward the highest interest rate debt first. Mathematically optimal — saves the most money in interest over time.
⛄ Snowball Method
Pay minimums on all debts. Put every extra dollar toward the smallest balance first. Provides psychological momentum through quick wins — great for staying motivated.
Consider Consolidating Your Debt
A lower interest rate could save you thousands. Compare consolidation options below.
Compare Debt Consolidation Loans on LendingTree
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Frequently Asked Questions
How much interest do I save by making extra payments?
Even small extra payments can save thousands in interest. Every extra dollar you pay goes directly to principal, reducing the balance on which future interest is calculated. Use the calculator above to see your exact savings — enter different extra payment amounts to find the sweet spot for your budget.
What is the current prime lending rate?
The current prime lending rate is 6.75% as of April 4, 2026, according to the Federal Reserve via the FRED® API. The prime rate is the benchmark interest rate that banks use to set rates for consumer loans and is typically the Federal Funds Rate plus 3 percentage points.
Should I pay off my loan early or invest the extra money?
The answer depends on your interest rate. If your loan rate is above 7-8%, paying it off early is typically the better financial move since it is hard to reliably beat that return in the market. If your loan rate is below 5%, investing the extra money in a diversified portfolio may be more beneficial long-term. High-interest debt like credit cards should almost always be paid off first.
What is the avalanche vs snowball debt payoff method?
The avalanche method targets your highest interest rate debt first — this saves the most money mathematically. The snowball method targets your smallest balance first — this provides psychological wins that keep you motivated. Both work. The best method is the one you will actually stick to.
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