Loan Payoff Calculator
See how extra payments can help you pay off your loan faster and save on interest.
Wells Fargo
Personal loans and debt consolidation options
Important Legal Disclaimer
For Educational and Informational Purposes Only: This calculator provides estimates and approximations based on the information you provide. Results are not exact and should not be relied upon for any official, legal, financial, medical, or professional purposes.
No Professional Advice: The calculations and information provided do not constitute financial advice, legal advice, tax advice, medical advice, or any other form of professional consultation. Always consult with qualified professionals (financial advisors, attorneys, tax professionals, healthcare providers, etc.) before making important decisions.
No Liability: By using this calculator, you acknowledge that the results are estimates only. We make no warranties or guarantees about the accuracy, completeness, or reliability of the calculations. Use of this tool is at your own risk.
This disclaimer complies with applicable U.S. federal and state laws regarding the provision of informational tools and the limitation of liability for educational resources.
Abbreviations Explained
APR (Annual Percentage Rate): The yearly interest rate charged on your loan balance.
Principal: The original loan amount or the remaining balance you owe.
Extra Payment: Additional amount paid beyond the required monthly payment to reduce principal faster.
Payoff Date: The date when the loan will be fully repaid based on your payment schedule.
Interest Savings: The amount of interest you avoid paying by making extra payments and paying off the loan early.
How the Calculation Works
This calculator compares two scenarios:
- Standard Payment: Regular monthly payment without extra contributions
- Accelerated Payment: Regular payment plus extra amount applied to principal
Calculation Process:
- Monthly interest = Balance × (APR ÷ 12)
- Principal reduction = Payment - Monthly interest
- New balance = Previous balance - Principal reduction
- Extra payments reduce principal directly, saving interest
Example: $10,000 loan at 8% APR, $200/month vs $300/month:
• Standard: 64 months, $2,731 interest
• With $100 extra: 40 months, $1,595 interest
• Savings: 24 months earlier, $1,136 less interest
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