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Loan payoff calculator

Find out how many months it takes to pay off a loan and the total interest.

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Enter Current balance, Annual rate (%), Monthly payment and the Loan payoff calculator works out Months to pay off, Total interest straight away. For instance, with Current balance = $10,000.00, Annual rate (%) = 6 and Monthly payment = $300.00 it returns Months to pay off = 37 and Total interest = $1,100.00.

How to use it

  1. Enter your values: Current balance, Annual rate (%), Monthly payment.
  2. Read the result instantly: Months to pay off, Total interest.

Frequently asked questions

What does the Loan payoff calculator actually compute?

It takes Current balance, Annual rate (%) and Monthly payment and derives Months to pay off and Total interest from them. The calculation is live as you type, so the result updates on every change.

What information do I need to provide?

3 values: Current balance ($), Annual rate (%) and Monthly payment ($). Nothing else is required — no account, no file upload.

Can you show a worked example?

With Current balance = $10,000.00, Annual rate (%) = 6 and Monthly payment = $300.00, the calculator returns Months to pay off = 37 and Total interest = $1,100.00. Those figures come from running this exact tool, so you can reproduce them by entering the same values.

What happens if I enter larger values?

It moves a lot. Using Current balance = $20,000.00, Annual rate (%) = 6.6 and Monthly payment = $600.00 instead, Total interest goes from $1,100.00 to $2,200.00 — which is why it is worth testing a few scenarios rather than trusting a single figure.

What does it give for smaller values?

Scaled down to Current balance = $5,000.00, Annual rate (%) = 5.4 and Monthly payment = $150.00, Total interest comes out at $550.00. The relationship is worth checking at both ends before you rely on a single result.

When would I actually use this?

Before signing: checking whether the instalment fits the budget, comparing two offers at different rates and terms, and seeing what a shorter term really costs each month.

What is the most common mistake?

Comparing monthly instalments instead of total interest. A longer term always looks cheaper each month and costs more overall — the two figures move in opposite directions.

How accurate is it, and what are the limits?

Estimate only — not financial advice.

What is the difference between the Loan payoff calculator and the Car Loan Payoff Calculator?

This one returns Months to pay off and Total interest; the Car Loan Payoff Calculator returns Result. That is the whole difference — open the one whose figure you need.

Is there a tool for the next step?

Student Loan Payoff Calculator is the closest one after this: Months to clear your student loan, total interest and payoff date, with an optional extra payment.

Further reading

All guides →
ExplainerPaying Off a Loan Early: What Actually ChangesAn overpayment earns exactly the loan's rate, risk-free and after tax. On $200,000 at 5.00 percent over 25 years, $20,000 paid at the start saves $42,092 of interest; the same sum at year 16 saves $11,088; applied to the payment instead of the term it saves only $15,075.GuideShould You Pay Off a Car Loan Early? The Rule, and the Three ExceptionsSettling a $20,000 car loan at 7 percent two years in saves $1,431 of interest — but only $663 of that is a real gain if the cash was earning 4 percent, and precomputed interest can take $62 or more off the top.GuideStudent Loan Repayment Strategies: Five Routes Through the Same $30,000Standard, extended, overpaid, refinanced or income-linked: the same $30,000 at 5 percent costs anywhere from $35,716 to $52,613. And where a scheme writes the balance off, overpaying can cost $11,178 and buy nothing.ExplainerConsolidating Debt Moves It, and Sometimes Costs MoreFour balances of $20,000 at 20.6 percent blended, cleared on a $680 budget, cost $7,085 in interest. One loan at 9.9 percent over seven years cuts the payment to $330.99 — and costs $7,803. The break-even term is 77 months.ExplainerA Balloon Loan's Payment Is Small Because the Debt StaysA balloon loan is priced on a long amortisation and repaid on a short one, and the whole instrument lives in that gap. On $250,000 at 6.5%, amortised over 30 years and due at 7, the payment is $1,580.17 and the lump sum still owed is $226,040.61 — 90.4% of what you borrowed.How-toHow to Calculate a Car Loan Payment: The Amortization FormulaWork out your monthly car payment from the loan amount, interest rate and term — plus the total interest you'll pay — using the standard amortization formula.
Loan payoff calculator — OneKitly