Loan Payoff Calculator
Find the month your loan will be gone and how much interest is left, then see what paying a little more each month changes.
Debt-free in
3 yrs 6 mo
- Payoff date
- —
- Interest remaining
- $2,853
- Without the extra
- 4 yrs 7 mo
- Interest saved
- $899
Pay it off in a set time
You need to pay $568.22 a month to be done in 3 yrs, with $2,456 total interest.
Balance over time
Explain my numbers
Get a plain-English reading of the result above: what drives it, what the trade-offs are and what to ask a lender or adviser. It is educational, not financial advice. Only these inputs and results are sent, and nothing is stored.
How the payoff date is found
Each month: interest = balance × rate ÷ 12; the payment covers that interest first and the rest reduces the balance. The loop repeats until the balance hits zero. The number of months also has a closed form:
n = −ln(1 − r·B ÷ M) ÷ ln(1 + r)
where B is the balance, M the payment and r the monthly rate. When r·B ≥ M the logarithm is undefined: that is the “never paid off” case.
Frequently asked questions
How do I figure out when my loan will be paid off?
Enter the current balance (from your latest statement), the interest rate and what you pay each month. The calculator runs the balance forward month by month, charging interest and subtracting your payment, until it reaches zero.
How much should I pay to be debt-free by a certain date?
Use the “pay off in” box below the results. It applies the loan payment formula to your balance for the number of months you choose.
Why does it say my loan will never be paid off?
If your payment is not larger than the monthly interest (balance × rate ÷ 12), the balance never falls. Increase the payment above the amount shown.
Is it better to pay extra monthly or in a lump sum?
For the same total, paying earlier always saves more interest, because the balance falls sooner. A lump sum today beats the same amount spread over a year.