Loan Payoff Calculator
Find out how many months it will take to pay off a loan at a fixed monthly payment, and the total interest.
How the calculation works
Simulates the loan month by month: interest accrues on the current balance, then your payment is applied. This continues until the balance hits zero, counting the months and adding up total interest paid along the way. If your monthly payment doesn't exceed the first month's interest charge, the balance will never go down; you'll see this reflected as a very large or capped number of months.
Formula
Each month: Interest = Balance × (Annual Rate ÷ 12). Balance = Balance + Interest − Payment. Repeat until Balance reaches 0.
Examples
$10,000 balance, 18% APR, $300/month
47 months to pay off, $3,967.21 total interest ($13,967.21 total paid)
$5,000 balance, 6% APR, $200/month
27 months to pay off, $354.69 total interest ($5,354.69 total paid)