Loan Payoff Date Calculator
How to Use
Calculate when you'll pay off your loan based on current balance, interest rate, and monthly payment. Works for car loans, personal loans, student loans, and credit cards.
What Is a Loan Payoff Date Calculator?
A loan payoff date calculator helps you estimate how long it will take to become debt-free based on your current loan balance, interest rate, and monthly payment amount.
This simple USA-focused tool gives you an estimated payoff date and time to payoff, so you can plan your budget, compare loans, and see the impact of changing your monthly payment.
How This Loan Payoff Calculator Works
The calculator uses your:
- Current balance – how much you still owe
- Annual interest rate – in percent (%)
- Monthly payment – how much you plan to pay each month
It then simulates your loan month by month, adding interest and subtracting your payment until the balance reaches zero or close to zero.
This calculation assumes a fixed interest rate and a constant monthly payment.
Example Loan Payoff Scenarios
Here are a few sample scenarios to show how loan payoff time can change with different payments:
| Loan Balance | Interest Rate | Monthly Payment | Approx. Time to Payoff |
|---|---|---|---|
| $5,000 | 6% | $150 | ~3 years |
| $10,000 | 5% | $250 | ~3.8 years |
| $15,000 | 7% | $300 | ~5.8 years |
Why Knowing Your Loan Payoff Date Matters
- Helps you plan your monthly and yearly budget.
- Shows how much interest you may pay over time.
- Motivates you to make extra payments or refinance.
- Lets you compare different payment strategies.
Frequently Asked Questions
What if my monthly payment is too low?
If your monthly payment does not at least cover the interest charged each month, your loan balance will not go down. In that case, the calculator will warn you that the loan cannot be paid off with the current payment.
Does this work for all types of loans?
This tool works best for fixed-rate loans with regular monthly payments, such as personal loans, auto loans, and some student loans or credit cards.
Does this include extra fees or changing interest rates?
No. This is a simplified loan payoff estimator. It does not include late fees, changing interest rates, or other complex loan terms.