How do I calculate how early I can pay off my personal loan?

Getting an official payoff quote: Call or log into your lender's portal and request a '10-day payoff quote.' This gives the exact amount needed to close the loan if payment is received within 10 days. The quote includes remaining principal plus interest accrued to that date.

Estimating early payoff yourself: You need: remaining balance, current APR, and the extra payment amount. A loan payoff calculator with extra payments shows: how many months are eliminated by a given extra payment, total interest saved, and new payoff date.

For example: $8,000 remaining balance at 14% APR, $250/month minimum. Adding $100/month extra: payoff moves from approximately 41 months to 27 months. Interest saved: approximately $750.

Verify no prepayment penalty: Before making large extra payments, confirm your loan has no prepayment penalty. Read your loan agreement or call customer service. Most personal loans from major lenders have no prepayment penalty, but some older or smaller lenders still charge them.

Extra payment instruction: When making an extra payment, specify 'apply to principal' rather than 'apply to next month's payment.' If credited to next month's payment, it does not reduce your outstanding balance as quickly. Most lenders allow you to specify this in online payment settings.