Loan Payoff Calculator

Explore the effect of a fixed payment, including planned extra payments, on an existing loan. Start with remaining principal rather than the original loan amount.

Enter all amounts in one currency. Currency selection changes labels, not amounts or jurisdiction. No conversion is performed.

Range: 0–1,000,000,000
Range: 0–100
Range: 0–1,000,000,000

Enter your values to see an estimate. Enter 0 for amounts that do not apply.

How this calculator works

Each month interest is added at annual rate / 12, then the entered payment is applied. The final payment is limited to the amount due. Simulation stops at payoff or 600 months.

Worked example

For 1,000 owed at 0% with a fixed 300 monthly payment, payoff takes four months and the final payment is 100. At 12% with only a 10 payment, the first month’s interest equals the payment and principal does not fall.

Assumptions and limits

Assumes no new borrowing, missed payments, fees or rate changes. Unpaid results show interest and payments only within the 600-month simulation, not a lifetime cost. Actual daily interest and rounding can differ. Assumes interest accrues on the remaining balance rather than precomputed interest. Excludes prepayment charges and collateral release costs.

How to choose your inputs

Start with remaining principal rather than the original amount borrowed and use the fixed monthly payment you intend to make. Keep fees or insurance payments outside this principal-and-interest amount. For a precomputed-interest loan or a rate that changes during repayment, ask for the actual repayment schedule instead of assuming this monthly model matches it.

How to interpret your result

Compare runs with different payments to see how much of each payment reaches principal after interest. A result beyond the simulation limit does not establish a payoff date, and a payment that never exceeds interest cannot clear the balance under unchanged assumptions. The final partial payment can be smaller than earlier payments.

Primary references

This educational estimate uses your inputs. It is not individualized financial, tax, insurance, or investment advice, a lender offer, approval decision, or a promise of future results.

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