Loan payoff calculator
The answer
Adding $100.00 a month to a $320.00 payment on a $15,000.00 balance at 9.99% APR gets you there 1 yr 5 mo sooner, around May 2030, saving $1,217.92 in interest.
- Interest saved
- $1,217.92
- Without the extra
- 5 yr · $4,094.08
An estimate from the inputs shown, not a promise of a particular date. How we calculate this.
A personal loan or a car loan, the payment you make now, and an extra you could add. The answer above is the payoff engine run with and without the extra, and whatever differs between those runs is the whole answer.
On a simple-interest loan an amount that reaches the principal stops accruing interest for the rest of the term, which is why any saving is largest early in a loan and on longer loans, and slight on a loan that is nearly done.
Assumptions
- Interest accrues once a month, before that month's payment.
- The APR stays at 9.99% for the whole term.
- No new spending, fees, penalty rate or promotional rate.
- You pay the payment plus the extra in full, on time, every month.
Month by month
What is left at the end of each month, after that month's payment — from the same engine run as the answer above.
| Month | Date | With the extra | Without the extra |
|---|---|---|---|
| Start | Oct 2026 | $15,000.00 | $15,000.00 |
| 1 | Nov 2026 | $14,704.88 | $14,804.88 |
| 2 | Dec 2026 | $14,407.29 | $14,608.13 |
| 3 | Jan 2027 | $14,107.23 | $14,409.74 |
| 4 | Feb 2027 | $13,804.68 | $14,209.70 |
| 5 | Mar 2027 | $13,499.60 | $14,008.00 |
| 6 | Apr 2027 | $13,191.98 | $13,804.61 |
| 7 | May 2027 | $12,881.81 | $13,599.53 |
| 8 | Jun 2027 | $12,569.05 | $13,392.75 |
| 9 | Jul 2027 | $12,253.69 | $13,184.25 |
| 10 | Aug 2027 | $11,935.70 | $12,974.00 |
| 11 | Sep 2027 | $11,615.06 | $12,762.01 |
| 12 | Oct 2027 | $11,291.76 | $12,548.26 |
Show the full schedule — all 5 years
| Month | Date | With the extra | Without the extra |
|---|---|---|---|
| Start | Oct 2026 | $15,000.00 | $15,000.00 |
| 1 | Nov 2026 | $14,704.88 | $14,804.88 |
| 2 | Dec 2026 | $14,407.29 | $14,608.13 |
| 3 | Jan 2027 | $14,107.23 | $14,409.74 |
| 4 | Feb 2027 | $13,804.68 | $14,209.70 |
| 5 | Mar 2027 | $13,499.60 | $14,008.00 |
| 6 | Apr 2027 | $13,191.98 | $13,804.61 |
| 7 | May 2027 | $12,881.81 | $13,599.53 |
| 8 | Jun 2027 | $12,569.05 | $13,392.75 |
| 9 | Jul 2027 | $12,253.69 | $13,184.25 |
| 10 | Aug 2027 | $11,935.70 | $12,974.00 |
| 11 | Sep 2027 | $11,615.06 | $12,762.01 |
| 12 | Oct 2027 | $11,291.76 | $12,548.26 |
| 13 | Nov 2027 | $10,965.76 | $12,332.72 |
| 14 | Dec 2027 | $10,637.05 | $12,115.39 |
| 15 | Jan 2028 | $10,305.61 | $11,896.25 |
| 16 | Feb 2028 | $9,971.40 | $11,675.29 |
| 17 | Mar 2028 | $9,634.41 | $11,452.48 |
| 18 | Apr 2028 | $9,294.62 | $11,227.83 |
| 19 | May 2028 | $8,952.00 | $11,001.30 |
| 20 | Jun 2028 | $8,606.52 | $10,772.88 |
| 21 | Jul 2028 | $8,258.17 | $10,542.57 |
| 22 | Aug 2028 | $7,906.92 | $10,310.34 |
| 23 | Sep 2028 | $7,552.74 | $10,076.17 |
| 24 | Oct 2028 | $7,195.62 | $9,840.05 |
| 25 | Nov 2028 | $6,835.53 | $9,601.97 |
| 26 | Dec 2028 | $6,472.43 | $9,361.91 |
| 27 | Jan 2029 | $6,106.31 | $9,119.85 |
| 28 | Feb 2029 | $5,737.15 | $8,875.77 |
| 29 | Mar 2029 | $5,364.91 | $8,629.66 |
| 30 | Apr 2029 | $4,989.57 | $8,381.50 |
| 31 | May 2029 | $4,611.11 | $8,131.28 |
| 32 | Jun 2029 | $4,229.50 | $7,878.97 |
| 33 | Jul 2029 | $3,844.71 | $7,624.56 |
| 34 | Aug 2029 | $3,456.72 | $7,368.04 |
| 35 | Sep 2029 | $3,065.49 | $7,109.38 |
| 36 | Oct 2029 | $2,671.01 | $6,848.56 |
| 37 | Nov 2029 | $2,273.25 | $6,585.58 |
| 38 | Dec 2029 | $1,872.18 | $6,320.40 |
| 39 | Jan 2030 | $1,467.76 | $6,053.02 |
| 40 | Feb 2030 | $1,059.98 | $5,783.41 |
| 41 | Mar 2030 | $648.80 | $5,511.56 |
| 42 | Apr 2030 | $234.21 | $5,237.44 |
| 43 | May 2030 | $0.00 | $4,961.04 |
| 44 | Jun 2030 | — | $4,682.34 |
| 45 | Jul 2030 | — | $4,401.32 |
| 46 | Aug 2030 | — | $4,117.96 |
| 47 | Sep 2030 | — | $3,832.25 |
| 48 | Oct 2030 | — | $3,544.15 |
| 49 | Nov 2030 | — | $3,253.65 |
| 50 | Dec 2030 | — | $2,960.74 |
| 51 | Jan 2031 | — | $2,665.39 |
| 52 | Feb 2031 | — | $2,367.58 |
| 53 | Mar 2031 | — | $2,067.29 |
| 54 | Apr 2031 | — | $1,764.50 |
| 55 | May 2031 | — | $1,459.19 |
| 56 | Jun 2031 | — | $1,151.34 |
| 57 | Jul 2031 | — | $840.92 |
| 58 | Aug 2031 | — | $527.92 |
| 59 | Sep 2031 | — | $212.32 |
| 60 | Oct 2031 | — | $0.00 |
Simple interest, precomputed interest, and why it matters here
Most auto and personal loans charge simple interest: the charge is worked out on the outstanding balance, daily or monthly, so paying the balance down early means less interest is ever charged. This calculator models that, with the interest charged once a month.
A precomputed-interest loan is different and less common. The total interest is fixed at the start and spread across the scheduled payments, so paying early or paying extra benefits the lender rather than you. If your contract says the interest is precomputed, any saving shown here does not apply to your loan.
Check for a prepayment penalty before you count on any saving
Whether you can pay a loan off early without a fee depends on your contract and on state law. Some states prohibit prepayment penalties on certain loans; elsewhere a lender may charge a fee to recover interest it would otherwise have collected. Read the contract, or ask the lender directly, before you rely on any saving the calculator shows.
Why the early payments feel like they do so little
In an amortizing loan the payment is level but its split is not: early on a larger share of each payment covers interest, and later a larger share reduces the principal. Extra paid early therefore has the most months left to work in, which is the arithmetic behind any saving the answer above shows.
Where the extra actually goes
Ask your lender how an amount above the scheduled payment is applied — whether it reduces the principal, or is held against the next payment due, which would move your due date without shortening the loan — and check the next statement. Any saving this page shows assumes the extra reduces the principal in the month it is paid.
Questions about this calculator
Does it work for a car loan?
Yes, for a fixed-rate, simple-interest car loan with no prepayment penalty. Enter the balance you owe today, not the amount originally financed.
Can I use it for a mortgage?
Only as a rough guide to the principal and interest. It does not include escrow, property tax, insurance or mortgage insurance, and lenders may apply extra payments differently.
Where do I find my loan's APR?
On your loan agreement, and usually on your statement. Use the APR rather than a quoted or introductory rate; this calculator charges it once a month on the balance.
Should I pay the loan off early or invest the money?
That depends on the loan's rate, your other debts and your savings, which this calculator cannot see. It shows only what paying extra does to this loan.
Sources
- Consumer Financial Protection Bureau — What's the difference between a simple interest rate and precomputed interest on an auto loan?
- Consumer Financial Protection Bureau — Can I prepay my loan at any time without penalty?
- Consumer Financial Protection Bureau — What is amortization and how could it affect my auto loan?
Our source and corrections policy explains how these are chosen.
Related
Reviewed 2026-09-19. Every figure on this page is produced by the same payoff engine the Dang! Payoff app runs, from the inputs shown, and is an estimate that holds only if the stated assumptions hold. The dates printed here were computed from a plan starting October 2026; the calculator re-anchors to the current month in your browser, so a date you read with JavaScript disabled is the one for that starting month rather than for today.
Dang! Payoff is a manual-entry debt payoff planner and tracker from Dang Apps LLC. It is not a lender, credit counselling agency, debt-relief, debt-management or debt-settlement service, and nothing here is financial, legal or tax advice or a recommendation about your situation. Your issuer’s or lender’s own terms govern your account.
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