Loan Payoff Calculator
Enter your current loan balance, its annual percentage rate, and the fixed amount you pay each month to see how many months and years the debt takes to clear. Alongside the payoff time you get the total amount paid and the total interest, so you can weigh a bigger payment against the interest it saves. Interest is compounded monthly and the final payment is trimmed so you never overpay.
How to calculate a loan payoff
- Type the current loan balance you still owe into the Loan balance box.
- Enter the yearly interest rate in the Annual rate (APR %) box, for example 18.
- Enter the fixed amount you pay each month into the Monthly payment box.
- Read the four result cards: months to payoff, years, total paid and total interest.
- Adjust the monthly payment to compare how a larger payment shortens the term.
Examples
Credit card: $10,000 at 18% APR, $250 per month
balance 10000, APR 18, payment 250
62 months (5.2 years), $15,386.23 paid, $5,386.23 interest
Interest-free plan: $5,000 at 0% APR, $200 per month
balance 5000, APR 0, payment 200
25 months (2.1 years), $5,000.00 paid, $0.00 interest
Payment too small to ever clear
balance 3000, APR 24, payment 50
This payment never clears the loan (interest is $60 a month)
Frequently asked questions
How is the payoff time calculated?
It applies the standard amortization formula to the monthly rate, which is the APR divided by 12. The number of months is the point where the shrinking balance reaches zero, then rounded up to a whole month.
Why does it sometimes say the loan never clears?
If your monthly payment is not larger than the first month's interest (balance times the monthly rate), the balance never falls. At $3,000 and 24% APR the interest alone is $60 a month, so a $50 payment can never pay it off.
Is the final payment really a full monthly payment?
No. The last payment is capped to just the remaining balance plus that month's interest, so you never send more than you owe. That is why the total paid is not simply the monthly payment times the number of months.
What happens when the interest rate is zero?
With a 0% rate the months are just the balance divided by the payment, rounded up, and the total interest is zero. A $5,000 balance paid at $200 a month clears in 25 months.
Does APR here mean the same as my card's APR?
It is treated as a nominal annual rate compounded monthly, so the monthly rate is APR divided by 12. A lender that compounds daily or charges fees will produce slightly different totals than this estimate.
Can I model extra or one-off payments?
Not directly. This tool assumes the same fixed payment every month. To approximate extra payments, raise the monthly amount and watch the months and total interest drop, but it will not schedule a single lump sum.
What currency does it use?
Results are formatted in US dollars, but the math is currency-agnostic. The numbers are identical for any currency, so you can read the dollar signs as your own currency if the rate and balance are in it.
Are my numbers sent to a server?
No. The calculation runs entirely in your browser, so the balance, rate and payment you enter never leave your device.
Is this financial advice?
No. It is a planning estimate. Your lender's exact terms, compounding method, fees and any rate changes can make the real payoff differ, so confirm figures with your loan statement.
Learn more
- How a fixed monthly payment pays down a loan
Understand how interest and principal split each month, why the payoff formula rounds up, and how a bigger payment cuts total interest.
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