Loan Payoff Calculator

How to use Loan Payoff Calculator

1. Enter your figures in the units shown beside each field. Keep monetary inputs in the same currency; money results are currently displayed in USD.
2. Select the unit standard where the form offers a choice, then choose Calculate.
3. Read the breakdown and compare the worked example below. Change one assumption to see its effect.

Formula used

Each month interest = remaining balance × annual rate/1200. Subtract the payment after adding interest; the final payment is limited to the balance plus interest.

Worked example

A 1,000 balance at 0% interest with monthly payments of 300 takes four months: 300, 300, 300 and 100.

What the result means

The payment must exceed monthly interest. The estimate excludes early-repayment charges and assumes regular monthly payments.

Check your result

Results retain calculation precision internally and round for display. Keep the input values with the result so you can reproduce it. Use Reset to restore the example inputs, or Copy result to copy the displayed answer.

If the result does not agree with your own calculation, report the page, inputs and expected answer. See our methodology and reference sources for the standards used.

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