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Early Payoff Calculator
Find out what an extra $25, $50 or $100 a month is really worth: the interest it saves and how many months it takes off your loan.
Interest you would save
—by paying extra
- Scheduled payment
- —
- New payment
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- Paid off in
- —
- Months saved
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Interest accrues daily on your outstanding balance, so every extra dollar reduces cost from the day it posts. There is never a prepayment penalty on a loan from us.
How to pay extraWith and without the extra payment
| Scenario | Monthly | Months | Total interest | Total repaid |
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Results are estimates for illustration only and are not an offer of credit. Your actual amount, APR, fees and payment depend on your state, income and credit profile and are disclosed in full before you sign. All loans are subject to credit approval.
Why paying early works
Interest is charged on what you still owe. Pay an extra amount and the whole of it comes off the principal, so every future month's interest is calculated on a smaller balance. The effect compounds: the saving on a high-APR loan is far larger than the extra you paid in.
What $50 a month does
On a $2,000 installment loan at 99% APR scheduled over 12 months, the payment is about $268.84 and total interest is roughly $1,226. Add $50 a month and the loan clears in 10 months instead of 12, cutting interest by about $293. Add $100 and it clears in 8 months and saves about $463.
Getting the most from an extra payment
- Pay the highest APR first. If you hold more than one balance, extra money does the most good on the dearest one.
- Make sure it is applied to principal. With us it always is. Elsewhere, check that an extra payment is not simply held as a credit toward next month.
- Lump sums count too. A tax refund or a bonus paid against the balance saves interest on every remaining month.
- Keep the regular payment going. Extra payments do not replace the scheduled one.
Before you pay extra
Keep enough set aside to cover essentials first. Clearing a loan early is a good outcome; doing it with money you then have to re-borrow is not. If a scheduled payment is going to be difficult, contact us before the due date and we will look at the options with you: see trouble paying.
Frequently asked questions
Is there a penalty for paying off a loan early?
Not on any loan from Loan For Any Purpose USA. You can pay extra or settle in full at any time, and interest stops accruing once the balance reaches zero.
Does paying extra lower my monthly payment?
No. Your scheduled payment stays the same and the loan finishes sooner instead. If you need a lower payment rather than a shorter term, contact us before the due date to discuss the options.
How much does paying an extra $50 a month save?
On a $2,000 loan at 99% APR over 12 months, an extra $50 a month clears the loan in about 10 months and saves roughly $293 in interest. The higher your APR, the bigger the saving.
Does paying off early help my credit score?
Closing an installment loan on good terms leaves positive payment history on your report. The score effect is usually small; the clear benefit is the interest you no longer pay.
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