Enter your loan balance, rate, and payment to see your payoff date and how much interest extra payments save. Works for any fixed-term personal loan.
Strategy
Strategy comparison
| ❄ Snowball | 📉 Avalanche | |
|---|---|---|
| Payoff date | Nov 2028 | Nov 2028 |
| Total interest | $2,117 | $2,117 |
| Months to payoff | 29 | 29 |
| You save | $0 | — |
Balance over time
Payment schedule
| Month | Debt | Payment | Principal | Interest | Remaining |
|---|---|---|---|---|---|
| Mo 1 | Personal Loan | $490 | $355 | $135 | $11,645 |
| Mo 2 | Personal Loan | $490 | $359 | $131 | $11,286 |
| Mo 3 | Personal Loan | $490 | $363 | $127 | $10,923 |
| Mo 4 | Personal Loan | $490 | $367 | $123 | $10,556 |
| Mo 5 | Personal Loan | $490 | $371 | $119 | $10,185 |
| Mo 6 | Personal Loan | $490 | $375 | $115 | $9,809 |
| Mo 7 | Personal Loan | $490 | $380 | $110 | $9,430 |
| Mo 8 | Personal Loan | $490 | $384 | $106 | $9,046 |
| Mo 9 | Personal Loan | $490 | $388 | $102 | $8,657 |
| Mo 10 | Personal Loan | $490 | $393 | $97 | $8,265 |
| Mo 11 | Personal Loan | $490 | $397 | $93 | $7,868 |
| Mo 12 | Personal Loan | $490 | $401 | $89 | $7,466 |
Strategy
Pull out your loan agreement and search for 'prepayment,' 'early payoff,' or 'prepayment penalty.' If a fee exists, calculate: (remaining interest at current pace) minus (remaining interest with extra payments + penalty). If savings exceed penalty, pay extra.
Personal loans typically carry 8–20% APR; credit cards 18–29%. If you have both, pay minimums on your personal loan and direct every extra dollar to credit cards. Once cards are gone, the full freed-up payment attacks the personal loan.
If your credit score has risen 50+ points since you took out the loan, you may qualify for a rate 3–6% lower. A refinanced $15,000 loan at 10% instead of 16% saves about $2,700 over 4 years. Deduct any origination fee from the calculation.
Paying half your monthly payment every two weeks results in one extra full payment per year — without feeling it in your budget. On a $10,000 loan at 14% over 3 years, this shaves about 2 months off the payoff and saves ~$180 in interest.
FAQ