Loan Payoff Calculator

You send every extra dollar to the balance with the highest APR first while paying minimums on everything else. As each account is cleared, its payment rolls into the next-highest-rate debt. For student, auto, personal, or card balances, this approach usually minimizes total interest paid versus other orderings.

You target the smallest balance first regardless of rate, then roll freed-up cash flow toward the next smallest. You may pay slightly more interest than with an avalanche, but the quick wins can help you stay consistent—especially when motivation matters as much as math.

Increase your scheduled payment above the minimum, add lump sums when you can, and avoid growing balances with new charges on revolving debt. Bi-weekly half-payments on installment loans can create an extra full payment each year. This calculator shows how those changes shift your payoff month and total interest.

Yes, because interest accrues on the remaining principal. Every principal reduction today stops future interest from compounding on that amount. The effect is largest on high-APR revolving debt and still meaningful on lower-rate installment loans over long terms.

A lower APR can shave months off your timeline and cut total interest, especially on long-term installment debt like student or auto loans. Compare your current rate to today's offers before deciding — if the new rate doesn't beat your weighted average APR by enough to cover any closing or origination costs, refinancing rarely pays off.