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Loan Payoff Date Calculator

Enter your balance, APR, and monthly payment to find your loan payoff date.

How it is calculated

With monthly rate r = APR ÷ 12 ÷ 100, balance P and fixed monthly payment M, the number of months is n = −ln(1 − r·P ÷ M) ÷ ln(1 + r). At 0% APR it is simply P ÷ M. The tool rounds n up to a whole number of payments and adds that many months to the start date, keeping the same day of the month (or the last day if the month is shorter). If the payment does not exceed the first month's interest (M ≤ P·r) the loan never pays off and the tool returns no result. Total interest is M × payments − P, which counts the final payment in full, so it slightly overstates the interest when the last payment would really be smaller. The tool does not model fees or extra payments.

Worked example

Balance 12,000, APR 6%, payment 350, start 2026-01-15. Monthly rate: 6 ÷ 12 ÷ 100 = 0.005. Interest check: 12,000 × 0.005 = 60, below 350, so it can be paid off. Months: −ln(1 − 60 ÷ 350) ÷ ln(1.005) = 37.70, rounded up to 38 payments. Adding 38 months to 2026-01-15 gives 2029-03-15. Total paid is 38 × 350 = 13,300, so interest is $1,300.00.

Try this example →

Common mistakes

  • Entering the APR as a decimal such as 0.06. The field takes percent, so 6 means 6%, and 0.06 would be read as 0.06%.
  • Entering a payment lower than the monthly interest. A 12,000 balance at 6% accrues 60 a month, so any payment of 60 or less never pays it off and no date appears.
  • Using the original loan amount instead of the current balance. The tool counts from the start date you enter, so use today's remaining balance with today's date.
  • Treating the interest figure as exact. It counts the last payment as a full payment, so the real interest is a little lower.
  • Including escrow, insurance or fees in the monthly payment. Only the principal-and-interest part belongs in that field.

Sources

About this calculator

Given your current balance, APR (annual interest rate), and monthly payment, this calculator uses the standard amortization formula to work out how many monthly payments it takes for the balance to reach zero, rounding up to a whole payment. The result is the payoff date (your start date plus that many months) and the number of payments left.

Because interest is charged on a shrinking balance, the last payments knock out debt faster than the first ones, which is why payoff dates rarely line up with a simple balance-divided-by-payment estimate. The total interest shown assumes the final payment is a full one, so it runs slightly high. Borrowers use this to see how a fixed monthly payment plays out over time, and to test how much sooner they'd be debt-free by raising the monthly payment to include extra principal.

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Comments (1)

  • Editorial team

    Try the same loan at two payment levels to see what extra money buys. For a 10,000 balance at 6% from 2026-06-20, a payment of 300 ends on 2029-07-20 after 37 payments with 1,100.00 in interest, while 350 ends on 2029-01-20 after 31 payments and 850.00. The interest figure treats the last payment as full, so it runs slightly high. What payment amount are you weighing against your current one?

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