Loan Payoff Calculator

About Loan Payoff Calculator

If you already have a loan, the question is usually not "what is my payment?" but "when will this be over?". This Loan Payoff Calculator works backwards from your current balance, the annual interest rate and the monthly payment you can afford, then shows how many months until the balance reaches zero and how much interest you will pay along the way.

Works backwards from a fixed monthly payment: each month interest is added to the balance and the payment is subtracted, and the tool counts how many months until the balance reaches zero.

How to use Loan Payoff Calculator

1. Enter your remaining loan balance.
2. Enter the annual interest rate and the monthly payment you plan to make.
3. Read the time to pay off, the number of payments and the total interest.

Everyday uses and tips

Use it to see the real cost of paying only the minimum, or how much faster you finish by adding a little extra each month. For example, a 10,000 balance at 8% with a 250 monthly payment clears in 47 months and costs roughly 1,750 in interest; raising the payment to 300 shortens the term to 38 months and cuts the interest to about 1,400. The tool warns you if your payment is too small to cover the monthly interest, because then the balance never shrinks. It assumes a fixed rate and the same payment every month; the final payment is usually slightly smaller, so real totals can differ by a little. Fees, rate changes and missed payments are not included, so confirm figures with your lender before making decisions.

Important considerations

Assumes a fixed rate and the same payment every month. The final payment is usually slightly smaller, so real totals can differ by a few units. Fees, rate changes and missed payments are not included. Not financial advice.