Loans
Loan Payoff Calculator
Enter your current balance, interest rate, and monthly payment to see exactly when your loan will be paid off and how much interest you'll pay in total.
🔒 All calculations happen instantly in your browser. No data is sent to any server.
How the calculation works
Each month: Interest Charged = Balance × (Annual Rate ÷ 12)
New Balance = Balance + Interest − Monthly Payment
This repeats until balance reaches zero. The calculator counts the months.
Example: $15,000 balance · 8.9% rate · $350/month
Month 1 interest = $15,000 × 0.0074 = $111.25 → New balance = $14,761.25
Continue until balance = 0 → approximately 57 months (4 years 9 months)
Frequently Asked Questions
- If your monthly payment is at or below the monthly interest charge (balance × annual rate ÷ 12), the balance never decreases — you'll pay forever. The calculator flags this and tells you the minimum payment needed.
- Increase your monthly payment. Even an extra $50–100/month on a typical loan can shorten the payoff by months or years and save significant interest. Use the Extra Payment Loan Calculator to model specific scenarios.
- Yes — for any fixed-rate amortizing loan. Enter the current remaining balance (not the original amount), the current interest rate, and your current monthly payment for an accurate remaining payoff timeline.
- Yes, but results are estimates. Enter your current rate for today's projection. If your rate adjusts, recalculate with the new rate and remaining balance at that point.
- The Loan Payment Calculator finds your monthly payment from an original loan. This Payoff Calculator answers 'how long until I'm done?' given your current balance and payment — useful mid-loan when the original term no longer reflects reality.