Calculator
Loan Payoff Calculator
This loan payoff calculator estimates how many months remain until a balance reaches zero at your current payment, then shows how much faster an extra monthly payment clears it. It also reports the total interest on each path and the interest saved by paying extra.
Advertising disclosure: Paydayloaning 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. The lowest rates are only available to the most qualified applicants. Read the full disclosure.
Enter your numbers and press Calculate. Nothing you type leaves your browser.
How this calculator works
If you know your balance, rate, and monthly payment, the calculator simulates each month: interest is charged on the balance, the rest of the payment reduces the principal, and the loop runs until the balance hits zero. Adding an extra monthly payment increases the amount going to principal each month.
The calculator reports the months to payoff, the total interest at your current payment, and the interest saved by paying extra. If your payment does not cover the monthly interest, the balance never falls and the calculator says the loan does not pay off instead of returning a number.
It assumes the rate stays fixed and no new charges are added. Any new borrowing or a rate change would move the payoff date.
Advertising disclosure: Paydayloaning 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. The lowest rates are only available to the most qualified applicants. Read the full disclosure.