Early Payout Calculator

How it works

Paying a personal loan off early can save a fair bit of interest, though some lenders charge a fee for it. Put in your loan and what you could pay, and see how much you'd save and how much sooner you'd be done.

1. 1Enter your current loan balance
2. 2Input your interest rate
3. 3Enter the remaining years on your loan
4. 4Add the extra amount you want to pay
5. 5Select how often you'll make extra payments
6. 6See your savings and new payoff date

Worked examples

Questions people ask

Is it worth paying off my personal loan early?

Usually, if the loan has no early repayment fee or a small one: every dollar paid early saves interest at the loan's rate. Keep an emergency buffer first, and pay off higher-rate debts such as credit cards before a personal loan.

Do all personal loans have early exit fees?

No, many modern personal loans don't have early exit fees, especially variable rate loans. Fixed rate loans are more likely to have break costs. Always check your loan contract before making extra payments.

Should I pay off my personal loan or save?

Paying off debt saves interest at the loan's rate, which is usually more than savings earn after tax. Keep enough savings for emergencies, then put the rest towards the highest-rate debt.

The terms, in plain English

Early Exit Fee

A fee charged by some lenders when you pay off a loan before the agreed term ends. More common on fixed rate loans.

Principal

The original amount borrowed, excluding interest. Extra payments go directly to reducing the principal.

Amortization

How loan payments are split between interest and principal over time. Early payments are mostly interest; extra payments reduce principal faster.

Official sources

• Moneysmart: Personal loansmoneysmart.gov.au
• ASIC: National Credit Codeasic.gov.au

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