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 | Jan 2029 | Jan 2029 |
| 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.
Deciding between a personal loan and a balance transfer? See the full comparison — cost, risk, and which wins for your situation.
Compare Options →Using a personal loan to consolidate? See debt consolidation vs. payoff strategy— when rolling debt into one loan wins and when it doesn't.
Consolidation vs. Payoff →Personal loan locked in — now what order do you attack your debts? See snowball vs. avalanche compared — the math, the psychology, and a clear recommendation.
Snowball vs. Avalanche →Wondering how much extra to pay on your loan each month? See the exact math — minimum vs. extra payments and what every extra dollar saves in interest.
Minimum vs. Extra →Also dealing with medical bills? See the medical debt guide — most bills are 0% interest and negotiable, so they belong at the back of any payoff order.
Medical Debt Guide →Also carrying student loans? See the student loan payoff calculator — federal loans have different rules from personal loans and may belong at the back of your payoff order.
Student Loan Calculator →Debt load too heavy for extra payments to feel realistic? See all debt relief options compared — NFCC counseling, settlement, and what each actually costs.
Debt Relief Options →Have credit card debt alongside this loan? Compare the top 0% balance transfer cards — moving high-rate card balances to 0% lets you attack the personal loan faster.
Compare Cards →Ready to commit to a payoff plan on paper? Print the free debt payoff worksheet — debt list, 12-month tracker, and milestone checkboxes.
Print Worksheet →Want a fuller planning package? Download the free 9-page PDF planner — monthly logs, a debt thermometer, and milestone tracker to stay motivated through the full payoff.
Get PDF Planner →Want to model your full payoff in a spreadsheet? Download the free debt payoff spreadsheet — plug in your loan balance, rate, and payment, and see your exact payoff date.
Get Spreadsheet →Deciding which debt to attack first? See the Dave Ramsey snowball vs. avalanche breakdown — which method saves more interest and which wins on motivation.
Snowball vs. Avalanche →Wondering if a personal loan actually helped others? Read real debt payoff stories — real people, real numbers, real timelines.
Read Stories →Want to see your payoff timeline? Use the free debt payoff calculator — enter your loan balance, rate, and payment to get an exact debt-free date.
Try the Calculator →Want more guides on debt payoff strategy? Browse the debt payoff blog — breakdowns on consolidation, payoff methods, and how to accelerate your timeline.
Read the Blog →Lenders check your DTI before approving any personal loan. Use the free DTI calculator — see your current ratio and how paying off this loan moves you toward a stronger borrowing position.
DTI Calculator →A personal loan is a liability on your net worth statement. Track your progress with the net worth calculator — see assets minus liabilities and watch the balance shrink with each payment.
Net Worth Calculator →Paying off your highest-interest debt first saves the most money. Use the avalanche payoff calculator — see exactly how targeting your highest rate first changes your total interest paid.
Avalanche Calculator →Clearing your smallest loan first builds powerful momentum. Use the snowball calculator— get a month-by-month timeline showing each balance disappearing until you're debt-free.
Snowball Calculator →If this loan replaced credit card debt, a balance transfer might still be cheaper. Use the balance transfer calculator — compare the math before you commit to a payoff strategy.
Balance Transfer Calculator →Not sure what origination fee, APR, or amortization means? Browse the debt payoff glossary— plain-English definitions for every term you'll encounter.
Debt Glossary →FAQ