Debt Payoff
Loan Payoff Calculator
Enter your balance, rate and monthly payment to see when the loan ends and how much interest you will pay along the way.
Months to pay off
4 yr 3 mo
Estimated payoff: December 2030
- Total interest paid
- $2,724
- Total amount paid
- $17,724
- First month interest
- $100
- Interest as % of payments
- 15.3%
How the payoff is calculated
Each month interest is charged on the remaining balance, then your payment reduces what is left. The calculator repeats that month by month until the balance reaches zero.
If your payment is not enough to cover the interest charged, the balance never falls and the loan never pays off. The calculator flags that case so you can increase the payment.
Frequently asked questions
What if my payment does not cover the monthly interest?
The balance would grow forever and the loan would never be paid off. The calculator warns you when that happens and shows you need a larger payment.
Can I use this for credit cards too?
Yes, but the dedicated credit card payoff calculator also shows how extra payments shorten the payoff and includes a payoff schedule.
Why is the payoff date an estimate?
It assumes a fixed payment every month and no new borrowing. Late fees, skipped payments or rate changes will shift the actual date.
Does this calculator include prepayment penalties?
No. If your lender charges a fee for paying off early, add that cost mentally or enter a lower effective balance.