Loan Payoff Calculator
Enter your current balance, interest rate, and the monthly payment you're actually making (or plan to make) to see how long payoff will take and how much interest you'll pay along the way. Add an optional extra monthly payment to see how much sooner you'd be done.
Results
| Payoff time | — |
|---|---|
| Total interest paid | — |
| Total paid | — |
Payoff schedule
Showing every 12th payment for readability.
| Month | Payment | Principal | Interest | Balance |
|---|
How this calculator works
This calculator solves the opposite problem from a typical mortgage calculator. With a mortgage, you fix the term (say, 30 years) and the math derives the payment needed to pay it off exactly on schedule. Here, you already know your payment — maybe it's a personal loan, credit card, or auto loan with a set monthly amount — and you want to know how long payoff will actually take and what it will cost in interest, since the term isn't fixed anywhere in the loan agreement.
Each month, interest accrues on your current balance at your annual rate divided by 12. Whatever you pay beyond that interest amount reduces your principal. Because the balance keeps shrinking, less of each payment goes to interest and more goes to principal every month — payoff accelerates over time even though your payment stays flat. That's why an extra payment early in a loan's life is disproportionately powerful: it comes straight off the balance while the balance (and therefore the interest drag) is at its highest.
If your payment is too low to even cover the interest accruing each month, the balance will never go down — this calculator will flag that case explicitly rather than showing a misleading payoff time. Results update automatically as you change any input above. This tool is for illustration only and doesn't account for fees, rate changes, or other loan-specific terms.