Apr 2030

Your estimated debt-free date, with the extra

$15,000.00 owed3 yr 7 mo$2,876.16 in interest

Sep 2026 2028 2029 2030 2031 $15,000.00 Paid off · Apr 2030 Without the extra · Sep 2031 Sep 2026 2028 2030 $15,000.00 Paid off · Apr 2030 Without the extra · Sep 2031

Another $100.00 a month would bring the date forward by 9 mo, to around Jul 2029.

Save this as a plan I can track

A 7-day free trial, then $2.99 a month. No bank login, ever.

The answer

Adding $100.00 a month to a $320.00 payment on a $15,000.00 balance at 9.99% gets you there 1 yr 5 mo sooner, around Apr 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.

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.

Sources

  1. Consumer Financial Protection Bureau — What's the difference between a simple interest rate and precomputed interest on an auto loan? (tier 1)
  2. Consumer Financial Protection Bureau — Can I prepay my loan at any time without penalty? (tier 1)
  3. Consumer Financial Protection Bureau — What is amortization and how could it affect my auto loan? (tier 1)

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 September 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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