Loan Payoff Calculator

Enter your current loan balance, the annual interest rate, and your monthly payment amount. The calculator will show you how many months until the loan is fully paid off, the total interest you will pay, the total amount paid, and the ratio of interest to principal.

Try increasing your monthly payment to see how much time and money you can save. Even small increases can have a significant impact on your payoff timeline.

A loan payoff calculator determines how long it will take to eliminate a debt given your current balance, interest rate, and payment amount. It also reveals the true cost of borrowing by showing you exactly how much interest you will pay over the remaining life of the loan.

This tool is invaluable for creating a debt repayment strategy, comparing the impact of different payment amounts, and staying motivated on your path to becoming debt-free.

The loan payoff formula is:

n = −log(1 − rP / M) / log(1 + r)

• n = Number of months to payoff
• P = Current loan balance
• r = Monthly interest rate (annual rate ÷ 12 ÷ 100)
• M = Monthly payment amount

This formula requires that M > P × r (your payment must exceed the monthly interest charge).

Example: A $25,000 loan at 5.5% annual interest with a $500 monthly payment will be paid off in approximately 55 months (about 4 years and 7 months). You will pay roughly $2,400 in total interest, making the total amount paid about $27,400. The interest-to-principal ratio is about 9.6%.