Free calculator
Loan Payoff Calculator
If you know your current balance, your rate, and the amount you pay each month, this tool estimates how many payments are left and the interest still to come.
The lowest rates are only available to the most qualified applicants.
Advertising disclosure: Loancalculated may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. Read the full disclosure.
Enter your numbers and press Calculate. Nothing you type leaves your browser.
The lowest rates are only available to the most qualified applicants.
Advertising disclosure: Loancalculated may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. Read the full disclosure.
How this calculator works
Payoff time is the number of monthly payments still needed to bring a balance to zero at a given payment.
n = −ln(1 − i × B ÷ M) ÷ ln(1 + i)
- B — the balance you owe today
- i — the monthly rate (annual rate ÷ 1,200)
- M — your monthly payment
Remaining interest is M × n − B. When M is no larger than the interest charged in a month, the balance never falls; the tool reports that instead of inventing a payoff date.
Paying more than the scheduled amount shortens the schedule and cuts the interest, because the extra money goes straight to principal.