Loan Payoff Calculator
See how long to pay off any loan and how much interest you'll pay in total.
Months to Payoff
Years & Months
Total Interest
Total Paid
💸 Extra Payment Savings
| Year | Principal Paid | Interest Paid | Balance |
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Frequently Asked Questions
How is the payoff time calculated?▼
The calculator uses the standard amortization formula to determine how many monthly payments are needed to reduce the balance to zero, given the interest rate and payment amount.
What happens if my payment is too low?▼
If your monthly payment doesn't cover the monthly interest, the loan balance will never decrease. The calculator will warn you if your payment is too low.
How much does an extra payment save?▼
Extra payments reduce your principal faster, which reduces the interest that accumulates each month. Even $50–$100 extra per month can save thousands in interest over the life of a loan.
Does this work for student loans and personal loans?▼
Yes — this calculator works for any fixed-rate installment loan: student loans, personal loans, auto loans, or any debt with a fixed interest rate and regular monthly payment.