Loan Repayment Calculator

Loan Repayment Calculator – Find Your Payoff Date

This calculator determines how long it will take to pay off your loan with a fixed monthly payment. It's useful for existing loans where you know your current balance and interest rate but want to understand exactly when you'll be debt-free.

How Loan Repayment Works

Each month, your payment is split: first, interest on the current balance is charged, then the remainder reduces the principal. As the principal drops, each month's interest charge decreases slightly, allowing more of your payment to go toward principal — accelerating payoff over time.

Impact of Extra Payments

Extra principal payments have a compounding benefit. They reduce the balance on which interest is charged next month. Over time, even $50/month extra can shave months or years off your loan and save hundreds in interest.

When to Use This Calculator

• You have an existing loan and want to know your payoff date.
• You're considering making extra payments and want to see the impact.
• You're comparing the cost of paying the minimum vs. a higher amount.