Loan Payoff Calculator
Enter your loan balance, annual interest rate and a fixed monthly payment to see how many months and years it takes to clear, plus the total interest you pay.
How to calculate a loan payoff
- Enter the current balance and the annual interest rate (APR).
- Enter the fixed amount you pay each month.
- Read the months to payoff, total paid and total interest.
Examples
$10,000 at 18% APR, $250 per month
balance 10000, APR 18, payment 250
62 months, about $5,386 total interest
Frequently asked questions
How is the payoff time calculated?
It uses the standard amortization formula on the monthly rate (APR divided by 12), then rounds up to whole months.
Why does it sometimes say the loan never clears?
If the monthly payment is not larger than the first month's interest, the balance never falls, so the loan can never be paid off.
Does it cap the last payment?
Yes. The final payment is reduced to only the remaining balance plus its interest, so you never overpay the loan.
What if the interest rate is zero?
With no interest, the months are simply the balance divided by the payment, rounded up, and total interest is zero.
Is this financial advice?
No. It is an estimate for planning. Your lender's exact terms, fees and compounding may differ.
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