Early loan payoff amount
Enter the loan details to estimate a customer's payoff amount in a few seconds.
Payoff amount
The 24 instalments left of €332.14 come to €7,971.43, so paying off today saves €821.83.
Paying off today or later
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The same arithmetic, with the lender's own fee and waiver rules, can run inside the lender's decisions so every payoff amount is worked out the same way. Start free
See the calculation
Monthly rate = Annual interest rate ÷ 12 Instalment = Loan amount × Monthly rate ÷ (1 − (1 + Monthly rate)^−Loan term) Balance = Loan amount × (1 + Monthly rate)^Instalments paid − Instalment × ((1 + Monthly rate)^Instalments paid − 1) ÷ Monthly rate Interest since last instalment = Balance × Annual interest rate × Days since last due date ÷ 365 Fees = Balance × Early repayment fee + Fixed closing fee Payoff amount = Balance + Interest since last instalment + Fees Instalments left = Loan term − Instalments paid Saving against instalments = Instalments left × Instalment − Payoff amount
This is an estimate from the numbers entered, and the loan contract decides what the customer pays.
Early loan payoff calculator
An early loan payoff amount estimates what remains to pay when a customer closes an instalment loan early. It includes the balance still owed, interest since the last instalment and any early repayment fees.
The estimate helps show how paying off the loan compares with paying every instalment left. Use the loan contract and the lender's own system to determine the amount the customer actually pays.
Common questions
How much does it cost to pay off a loan early?
The amount includes the balance still owed, interest since the last instalment and any fees for early repayment or closing the loan. This calculator estimates it from the numbers entered.
How is an early settlement amount calculated?
The estimate starts with the balance remaining after the instalments already paid. It adds interest since the last instalment and any early repayment fees.
How does an early repayment fee affect the payoff amount?
The fee is added to the balance and interest in the payoff amount. Enter the fee from the loan contract, or leave it at zero if there is none.
How much interest can I save by paying off a loan early?
The calculator compares the payoff amount with the total of the instalments left. The difference is the estimated saving, or the extra cost if fees make paying off early cost more.
What does a loan payoff calculator need?
It uses the loan amount, annual interest rate and term, along with the instalments already paid and days since the last one was due. You can also enter any early repayment fee and fixed closing fee.