Loan Payoff Calculator
Estimate the remaining term of a personal, auto or fixed-rate installment loan. Compare your current monthly payment with a plan that adds extra money each month, and see the estimated interest difference.
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This fixed-rate model assumes extra payments are applied immediately to principal. Review your lender's payment-allocation rules before acting.
Your result
Your result will appear here after you calculate.
Use the figures to understand the math, then confirm material financial or tax decisions against official documents and the terms that apply to you.
Plan the remaining life of a loan
A loan payoff calculator is useful when you want to know more than the next due date. It estimates how many monthly payments remain, how much interest those payments may add up to, and whether a consistent extra payment could shorten the schedule. You can use the same method for many fixed-rate personal loans, auto loans and other installment debts, provided the rate and payment stay constant.
How the math works
The periodic rate is the annual APR divided by 1,200. Each month, estimated interest equals the remaining principal multiplied by that periodic rate. Subtract that month's interest from the scheduled payment to estimate principal reduction. The new balance becomes the old balance plus interest minus the payment. This repeats until the loan is repaid. For an accelerated scenario, the calculator adds the extra amount to the regular payment each month.
Consider a loan with $15,000 left, an 11.5% APR and a $360 payment. Adding $50 a month does not create an instant miracle; it simply reduces principal faster, so later interest is calculated on a smaller balance. The calculator estimates the combined result as fewer payments and lower future interest. Your actual lender may round interest differently or apply payments on different dates.
Inputs that deserve a second look
Use the current principal, not the original amount borrowed. Copy the APR carefully and make sure the monthly payment is the amount credited to the loan. Some statements bundle optional insurance or service plans alongside the loan payment; those costs should not be included unless they reduce the debt. If the interest rate is variable or a balloon payment is due, this fixed-rate model will not describe the contract accurately.
A payment must cover at least the interest accruing that month for principal to decline. The calculator flags a payment that fails this test instead of displaying an imaginary payoff date. It also assumes no missed payments, late charges, new borrowing, prepayment penalty or lender fee. Before sending an extra payment, check whether it is posted to principal and whether your contract has restrictions.
Frequently asked questions
Can I use it for a credit card? It can model a fixed payment and APR as a rough illustration, but card rates, variable-rate terms and changing purchases can make the real balance behave differently.
Does an extra payment skip the next due date? The model assumes it reduces principal, not that it advances the due date. Ask the lender how it processes extra payments.
What else should I compare? Use the mortgage payoff calculator for a home loan and the 2026 federal bracket estimator for a separate, simplified tax-planning view.