Loan Payoff Calculator
Amount to settle any loan now, and the interest saved.
Payoff estimates calculated here, on your own computerYour payment breakdown appears here
Fill in the loan details and press Calculate — the monthly payment, total interest and schedule will render right on this page, with nothing sent to any server.
How to use
Paying a loan off early means writing one check for the remaining balance instead of months of payments. This calculator shows the payoff amount today and how much interest you save by clearing it now instead of finishing the term.
How to use
- Enter your current balance, APR and months remaining.
- Press Calculate to see the payoff amount, the payments you avoid and the interest saved.
Example
You owe $12,000 at 6.5% with 48 months left. Continuing costs about $285 per month and roughly $1,700 in remaining interest. Paying the $12,000 today saves most of that interest — lenders add only the per-diem interest to the payment date, so the practical number is close to the balance.
Formula
Payoff today ≈ current balance; the interest saved is (regular payment × months remaining) − balance.
Auto loans: no-penalty norm
Most auto loans have no prepayment penalty, so clearing a car loan early is usually a straight win if you have the cash and the rate is higher than what your savings earn.
Student loans: check the options first
Student loans are different. Federal loans offer income-driven repayment and forgiveness paths, and interest rates are often low — paying extra toward a 4% federal loan may be less valuable than investing. If you have multiple loans, pay off the highest-rate ones first (avalanche method).
Get a real quote
Lenders give an exact payoff figure for the day you plan to pay. This tool is the planning estimate; the quote adds the precise per-diem interest.
Request the quote
Payoff quotes are valid for a short window, usually 10 to 30 days, because per-diem interest moves the number daily. Plan the payment date before requesting the official figure from your lender.
FAQ
Is payoff exactly the balance?
Lenders add per-diem interest to the date of payment; this is the close planning estimate.
Is early payoff worth it for a car?
Usually yes — auto loans rarely have penalties and the saved interest is real money.
What about student loans?
Check forgiveness and income-driven plans first; high-rate private loans are the best payoff candidates.
How is this different from the early payoff tool?
This one assumes you settle the whole balance in one payment; the early payoff tool adds extra monthly payments instead.
Reviewed by the LoanMath editorial team