Loan Payoff Calculator
Enter what you owe, the annual rate and what you pay each month to see the month you will be debt-free, the total interest and the total cost. Add an extra monthly payment or a one-time lump sum and it shows how much sooner you finish and how much interest you save. It works for credit cards, student loans, car loans and personal loans.
How to Calculate Your Loan Payoff Date
- Type the Current balance, what you still owe today.
- Enter the Interest rate as the annual rate (APR) in percent. It must be 100 or less.
- Enter the Monthly payment, what you pay each month at the moment.
- Read Debt-free by for the month and year, with the time from now, Total interest and Total cost (your starting balance plus the interest).
There is no submit button; the result changes with every keystroke. Interest is worked out month by month: the balance times the annual rate divided by 12, added before each payment is taken off.
Loan Payoff Calculator with Extra Payments
Fill in Extra monthly payment, as a number or with its slider. A table then compares Current plan with With extra and adds Time saved and Interest saved, plus a one-line summary.
A worked example: a balance of 8,000 at 19.5% with a monthly payment of 250.
| Current plan | With extra (100) | |
|---|---|---|
| Time from now | 3 years 10 months | 2 years 5 months |
| Total interest | 3,383.83 | 2,081.91 |
| Total cost | 11,383.83 | 10,081.91 |
| Time saved | 1 year 5 months | |
| Interest saved | 1,301.93 | |
Credit Card Payoff: the Falling Minimum Option
A card minimum is not a fixed amount, it shrinks as the balance does. Open Advanced options and set Payment type to Falling minimum instead of Fixed payment. The Monthly payment field then becomes Minimum payment, the floor, and a new field, Minimum as a share of the balance, appears with 2 as its default.
Each month the calculator pays the larger of that share of the remaining balance and the minimum payment, plus any extra payment. A 3,000 balance at 20% with a 2% share and a 25 minimum takes 30 years 11 months and costs 10,209.99 in interest. Add an extra 50 a month and it is done in 4 years 3 months, saving 8,891.45.
Add a One-Time Lump Sum
Also under Advanced options, One-time lump sum takes a bonus or refund off the balance today, before the first month. It counts toward the With extra column, alone or together with an extra monthly payment. If the lump sum covers the whole balance, the debt is paid off right away. Closing Advanced options turns the card option and the lump sum off again.
When the Payment Does Not Cover the Interest
If the payment is no more than the interest added each month, the balance never falls. An inline note says the debt keeps growing and shows that monthly interest, so you can see how far the payment is from covering it. If paying off would take more than 100 years, the note asks you to raise the payment instead of showing a date.
Which Calculator Do I Need?
- To find the monthly payment from a loan amount and term, use the Loan Payment Calculator.
- To see every payment split into interest and principal, use the Amortization Calculator.
- For interest that grows an investment or savings balance, use the Compound Interest Calculator.
- To see what a balance costs in interest per day, use the Daily Interest Calculator.
This is a calculator, not financial advice. It uses a constant rate and does not include fees, insurance or taxes, and a lender or card issuer may calculate interest differently.
Private and Free
No currency symbol is shown, so use any currency. Every figure is calculated on your device, nothing you enter is uploaded or saved, and there is no account.
Loan Payoff Calculator FAQ
How do I calculate when my loan will be paid off?
Enter the Current balance, the Interest rate (the annual rate, APR) and the Monthly payment. Debt-free by shows the month and year the balance reaches zero, with Total interest and Total cost beside it. There is no calculate button; it updates as you type.
How much interest will I save by paying extra on a loan?
Enter an Extra monthly payment. A Current plan versus With extra table shows both payoff dates, both totals, the Time saved and the Interest saved. For a balance of 8,000 at 19.5% with a 250 payment, an extra 100 a month saves 1,301.93 in interest and finishes 1 year 5 months sooner.
Does an extra payment go to the principal?
In this calculator, yes: the extra amount is taken straight off the balance each month, on top of your regular payment. Whether your lender applies an extra payment to the principal is set by your loan terms, so check that with them.
How long does it take to pay off a credit card with the minimum payment?
Open Advanced options, set Payment type to Falling minimum and enter the Minimum payment and the Minimum as a share of the balance. Each month the calculator pays the larger of that share of the remaining balance and the minimum payment. A 3,000 balance at 20% with a 2% share and a 25 minimum takes 30 years 11 months and costs 10,209.99 in interest.
How is credit card interest calculated each month?
The calculator divides the annual rate by 12 and multiplies it by the balance at the start of each month. That interest is added, your payment is taken off, and the next month starts from the new balance. Real card issuers may use a daily rate and add fees, so treat the result as an estimate.
How do I include a bonus or tax refund?
Open Advanced options and enter it as a One-time lump sum. It is subtracted from the balance today, before the first month is worked out, and it appears in the With extra column.
Why does the calculator say the debt keeps growing?
Your Monthly payment is no more than the interest added each month, so the balance never goes down. The note shows that monthly interest. Raise the payment above it to get a payoff date. Past 100 years the calculator stops and asks you to raise the payment.
Can I use it for a student loan, car loan or personal loan?
Yes. Keep Payment type on Fixed payment for any loan paid in equal monthly amounts, such as a student loan, car loan or personal loan. Fees and insurance are not included, and there is no currency symbol, so use any currency.
What is the difference from the loan payment calculator?
A payment calculator starts from the loan amount and term and tells you the monthly payment. This one starts from the payment you make now and tells you the date you finish and how that changes with extra money.
Is my loan information stored or uploaded?
No. Every figure is calculated in your browser, nothing you enter is sent anywhere, and there is no account to create.
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