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Loan Payoff Calculator

A loan payoff calculator estimates how many months remain until a loan is paid off and how much interest you will pay. Enter your current balance, rate, and monthly payment to see the payoff date.

By the Personalloaned Editorial Team · Last updated 2026-09-16

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Method

How this calculator works

If you already know your balance, rate, and the amount you pay each month, this calculator estimates how long until the loan is paid off.

The payoff time comes from rearranging the amortization formula:

n = -ln(1 - r * B / M) / ln(1 + r)

  • n = number of monthly payments remaining
  • B = current balance
  • r = monthly interest rate = annual rate / 12 / 100
  • M = monthly payment

Total interest equals M * n - B. If your payment is less than or equal to the interest charged in a month, the balance never falls and the loan never pays off; the calculator reports that instead of a number.

Common questions

Frequently asked questions

How do I find my remaining balance?
Your current balance appears on your monthly statement or in your online account. Use the payoff balance rather than the original loan amount.
Why does the calculator say my loan never pays off?
When the monthly payment is smaller than the interest charged that month, none of the payment reduces the balance. Increase the payment above the monthly interest to make progress.
Do extra payments shorten the payoff?
Yes. Any amount paid above the scheduled payment goes toward principal, which lowers the balance and reduces both the payoff time and the total interest.
Does the payoff time include the current month?
The count is the number of monthly payments still needed from your current balance. If the result is not a whole number, the final payment is smaller than a full payment.

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