Loan Payoff Calculator
Use this tool to estimate how long a loan still has to run and what the remaining interest will be. Supply the current balance, the rate and the payment you make, and it returns the payoff point.
Enter your numbers and press Calculate. Nothing you type leaves your browser.
How this calculator works
Given a balance, a rate and a fixed monthly payment, the tool estimates the time left on the loan.
It rearranges the amortization equation to isolate the number of payments:
n = -ln(1 - r * B / M) / ln(1 + r)
- n = number of monthly payments remaining
- B = current balance
- r = monthly interest rate = annual rate / 12 / 100
- M = monthly payment
Remaining interest is M * n - B. When the payment does not exceed the interest charged in a month, the balance stays put and the loan never ends; the tool says so rather than returning a figure.
Common questions
Where is my remaining balance shown?
It appears on your statement or in your online account. Enter the payoff balance, not the original amount you borrowed.
Why does the tool report that the loan never pays off?
That result appears when the monthly payment is no greater than the interest charged in the month, leaving nothing to reduce the principal. Pay more than the monthly interest to move the balance down.
Does paying extra bring the payoff date forward?
It does. Anything you pay beyond the scheduled installment reduces principal, which shortens the payoff and trims the total interest.
Is the current month included in the count?
The number counts the monthly payments still due from today's balance. A fractional result means the last payment is smaller than a full one.