Loan Payoff Optimizer
See how interest affects your balance and how much you can save with extra payments.
The nominal rate from the offer, not the APR. Add the fees below to see the APR.
One-off costs taken at the start: arrangement, disbursement, valuation.
Costs paid with every instalment: account fee, mandatory insurance.
Optional fee applied to the principal you pay off early.
Fixed for 60 months
First payment: $429.98 principal + $150.00 interest
Total Repaid: $34,799.09
on $30,000.00 principal
Interest rate 6% → APR 6.17%. This isn't an extra cost: you're still charged 6% a year. With no fees, the APR is higher only because of how it is calculated: it counts that you pay interest every month, not once a year.
Standard payoff
Original schedule total: $34,799.09
With extra payments
Accelerated total: $34,799.09
The table below follows the accelerated path to zero and includes any early repayment fee.
* This is a mathematical estimate. Record actuals in Volora to track real-world progress.
How to use this tool with Volora
- Add your loan as a wallet: create a Mortgage wallet (or Personal, Student or Business Loan) with its outstanding balance, interest rate and monthly payment.
- Record each payment: on a mortgage wallet, tap "Add Repayment" and enter the extra principal from this calculator. Volora records the interest as an expense and the principal as a transfer from your checking account. For other loans, record the payment as a transfer from your checking wallet to the loan wallet.
- Track your progress: the loan balance moves toward zero, and the wallet's insights card shows your repayment progress and estimated payoff date.
Want a fuller routine for managing credit? Read our short guide: Credit Scores and Practical Credit Use for Parents
Want to keep your savings, investments and debts in one place, privately on your phone? See Volora, the net worth tracker
Guides on this topic
- Paying Off a Loan Early: When Extra Payments Are Worth It
Why early loan payments are mostly interest, what an extra €100 a month really saves, when a prepayment fee wipes out the gain, and when to save instead.
- APR vs interest rate: which one should you compare loans on?
Interest rate vs APR (THM in Hungary, DAE in Romania): what the APR includes and leaves out, and the order to compare loan offers in. With a worked example.