---
title: "Loan Payoff Calculator — Monthly Payment, Total Interest, Amortization Schedule"
description: "Calculate exact monthly loan payments and total interest for any loan. Compare US, UK, and Canadian personal loan rates. Includes full amortization schedule. Free, no ads."
url: "https://worldcalculators.org/calculators/loan-payoff/"
canonical: "https://worldcalculators.org/calculators/loan-payoff/"
---

# Loan Payoff Calculator

Calculate exact monthly loan payments and total interest for any loan. Compare US, UK, and Canadian personal loan rates. Includes full amortization schedule. Free, no ads.

## Quick answer

Monthly payment = P × [r(1+r)ⁿ] / [(1+r)ⁿ−1] , where P = principal, r = monthly interest rate, and n = number of payments. Average personal loan rates differ by country — UK borrowers with good credit typically pay 2–3% less than comparable US borrowers, and early-repayment charges are capped by law in the UK.

## Understanding Loan Amortization

With a fixed-rate amortizing loan, each payment is the same amount , but the mix of principal and interest changes over time:

## Frequently Asked Questions

The interest rate is the cost of borrowing the principal. The APR (Annual Percentage Rate) includes the interest rate plus any fees charged by the lender (origination fees, closing costs, etc.). Always compare APRs, not just interest rates, when shopping for loans. US law (Truth in Lending Act) requires lenders to disclose APR. The UK uses APR under the Consumer Credit Act. APR is the standard comparison metric in both countries.
In the US, most personal loans don't have prepayment penalties, but some do — check your loan agreement. In the UK, personal loans regulated under the Consumer Credit Act can charge early repayment fees, capped at 1–2 months of interest. In Canada, federally regulated lenders cannot charge prepayment penalties on most consumer loans. German law generally prohibits prepayment fees on consumer loans under €75,000.

## Sources & Methodology

Payments use the standard loan amortization formula. Average interest rates and early-repayment rules differ by country — for example, the UK Consumer Credit Act caps early repayment charges, and disclosure of APR is required in both the US and UK.

Source: https://worldcalculators.org/calculators/loan-payoff/
Markdown mirror of the HTML page. Prefer this URL for RAG; the interactive calculator still lives on the HTML page.