Enter your personal loan balance, interest rate, and monthly payment to see exactly when you'll be debt-free — and how much interest you'll save by paying extra each month.
Enter your current loan balance, interest rate, and monthly payment amount. If you have multiple personal loans, click "+ Add debt" to include each one. Use the "Extra Payment" scenarios to see exactly how much sooner you'll pay off the loan and how many dollars in interest you'll save.
Personal loans typically use simple interest, calculated on the outstanding principal balance. Average personal loan APRs in the US range from about 12% to 22% depending on credit score. On a $10,000 loan at 16% over 5 years, you'd pay roughly $4,400 in interest on the standard schedule — extra payments go directly toward reducing that principal, cutting your interest proportionally.
Enter your loan balance, interest rate, and current monthly payment. The calculator shows exactly when you'll be debt-free and how much total interest you'll pay — plus how paying extra each month changes both.
In most cases yes — but check your loan agreement for prepayment penalties first. Many lenders charge a fee (typically 1–5% of the remaining balance) if you pay off early. If there's no penalty, early payoff can save significant interest.
Use the Extra Payment Scenarios section in the calculator to see exact figures. On a $10,000 loan at 15% APR, adding just $100/month extra can save over $2,000 in interest and cut your payoff time by 2+ years.
If the personal loan rate is lower than your existing debt rates (especially credit cards at 20%+), consolidation can save money. Enter the new consolidated balance and rate into the calculator to see your revised payoff timeline.
Yes — click "+ Add debt" to enter each loan separately. The calculator shows a combined payoff plan using either the Snowball or Avalanche method.