Finance
Loan Payoff Time Calculator
Find how long it takes to clear a loan at a given monthly payment.
Formula
Payoff months come from the logarithm of the payment divided by payment minus monthly interest on the balance, divided by the logarithm of one plus the monthly rate.
How it works
If the monthly payment does not cover the monthly interest, the loan never pays off and the calculator will say so. Larger payments shorten the time and cut total interest sharply.
FAQs
What if my payment is too small?
If it covers only interest, the balance never falls — you must raise the payment.
Does it include fees?
No, fees and penalties are excluded.
Can I add extra payments?
Model an extra payment by entering your total monthly payment including the extra.
Are these figures financial advice?
No — they are estimates for planning only, not financial advice. Check with a qualified adviser for decisions involving large sums.
Estimates only, not financial advice. Figures are approximate and do not include all fees, taxes, or changing rates unless stated.