Example 1
A $5,000 loan at 6% with a $100 monthly payment pays down gradually over several years.
Quick Tool Labs
Loan Payoff Calculator
Use this loan payoff calculator to estimate how many months it may take to pay off a loan, plus total interest and total amount paid, based on balance, interest rate, and monthly payment.
Calculator
Payoff time0 months
Total interest$0.00
Total paid$0.00
Enter loan balance, interest rate, and monthly payment to estimate payoff time.
How this loan payoff calculator works
This calculator models the loan month by month. Each month, interest is added to the remaining balance, then the monthly payment is applied. The process repeats until the balance reaches zero.
New balance = old balance + monthly interest - monthly payment
It is useful for checking whether a payment is large enough, comparing payoff timelines, or estimating the long-term interest cost of a loan.
Examples
Example 2
If the loan has 0% interest, payoff time depends only on balance and payment amount.
Example 3
If the monthly payment is smaller than the monthly interest charge, the balance will not be paid off under the current terms.
Frequently asked questions
What if my payment is too low?
If the payment does not cover monthly interest, the loan will not pay down and the result is marked invalid.
Does this include fees or extra payments?
No. This page estimates payoff using only regular monthly payments. Use the extra payment mortgage calculator for a dedicated extra-payment comparison.
Why can the final payment be smaller than the regular payment?
As the balance gets smaller, the last payment may only need to cover the remaining principal plus final interest.