Loan Payoff Calculator — Pay Off Your Loan Early and Save
Find out how to pay off your loan faster and save thousands in interest.
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Calculator Inputs
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Key Facts
Updated April 2026
- Average auto loan rate: 7.1% for new, 11.3% for used (2026)
- Average personal loan rate: 12.4% (2026)
- Extra $100/month on a $200k mortgage saves $55,000+ in interest
- Biweekly payments (half your monthly, every 2 weeks) add one extra payment per year
- Refinancing saves money when you can drop your rate by 0.75% or more
Pro Tips
Apply extra payments to principal, not future payments. Call your lender to confirm they process it correctly.
The "debt avalanche" method (highest rate first) saves the most money mathematically.
Before making extra loan payments, make sure you have a 3-month emergency fund. Paying off a loan does not help if you need to borrow again at a higher rate next month.
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