Loan payoff calculator
Balance, APR, and monthly payment. Months to pay off and total interest.
CopiedAbout this loan payoff calculator
Balance, APR, and a fixed monthly payment. The page estimates how many months until the balance hits zero and how much interest you pay along the way.
With monthly rate r = APR/12/100, months = log(payment / (payment − balance×r)) / log(1+r) when payment covers interest. Total interest ≈ months×payment − balance. If payment ≤ interest, payoff never happens.
Not a refinance comparison or credit-counseling plan. Fees, variable rates, and biweekly quirks are outside the closed-form model.
FAQ
How are months calculated? r is APR/12/100. Months = log(payment / (payment − balance × r)) / log(1+r).
What if the payment is too small? If the payment does not cover that month’s interest, the balance never falls. The page says so.
Is the last payment exact? The formula gives a fractional month. Total interest is months × payment − balance.