Personal Loan Payoff Calculator
Personal loans are often taken out for a fixed term but that doesn’t mean you have to stick to the minimum repayment. Enter your balance, rate, and current repayment to see your payoff date and total interest – and what paying a bit extra each period actually saves you.
How to use this calculator
Enter your current outstanding balance, the interest rate on your loan, and your regular repayment amount. Select your repayment frequency – weekly, fortnightly, or monthly – to match what you actually pay.
To see the impact of paying more, use the optional section below. Enter an extra amount per period, a one-off lump sum, or both. The results show your current payoff timeline against the faster one, with the interest saved and time cut clearly broken out.
Your balance and rate are on your loan statement or in your lender’s app. Personal loan rates are usually fixed for the term, so the rate won’t have changed since you took the loan out – use the figure from your original contract or statement.
Common Questions
Can I make extra repayments on a personal loan? Most variable rate personal loans allow extra repayments without penalty. Fixed rate personal loans may include early repayment fees – check your loan contract before making a lump sum payment. The fee, if there is one, is usually a fixed amount rather than a percentage, so for smaller loans it’s worth calculating whether the interest saving outweighs the exit cost.
Does paying weekly make a difference on a personal loan? Yes, for the same reason as other loans – paying weekly or fortnightly means slightly more repayments per year compared to monthly, and interest accrues on a lower balance each period. The effect is more noticeable on longer terms. On a two or three year personal loan the saving is modest but real, particularly at higher interest rates.
Is it worth paying off a personal loan early? Generally yes if there are no break costs. Personal loans typically carry higher rates than home loans – often between 8% and 15% p.a. – so clearing the balance faster reduces your interest cost and improves your monthly cash flow. It also removes a liability from your credit file, which can help if you’re planning to apply for a home loan in the near future.
Should I consolidate my personal loan into my home loan? If you have equity in your home, rolling a personal loan into a mortgage refinance is possible and reduces the interest rate significantly. The risk is that you’re converting a short-term debt into a long-term one – a personal loan cleared in three years costs far less total interest than the same amount spread over the remaining life of a home loan, even at a lower rate. It needs to be structured carefully, usually with a split loan or a separate sub-account with a shorter repayment schedule.
If you’re looking to clear your personal loan faster or want to explore whether consolidating makes sense, you can book a call using the button below.
