How do I calculate loan payoff time?

Loan term = -log(1 − (monthly rate × balance ÷ payment)) ÷ log(1 + monthly rate). Larger payments shorten the term dramatically. Doubling your payment can cut payoff time by more than half.

Loan Term Calculator

Estimate payoff term based on balance, rate, and payment amount.

This tool runs in your browser. None of your data is saved or sold.

Balance ($)

Annual rate (%)

Monthly payment ($)

Monthly fees, optional ($)

About This Calculator

Instead of solving for the payment, this calculator solves for the payoff timeline. Enter what you currently owe, the rate, and what you're paying each month — it tells you exactly when you'll be done and how much interest you'll pay total. Great for reality-checking whether your current payment is aggressive enough.

Estimates only — not financial, tax, legal, or investment advice. Verify important results with a qualified professional before making decisions.

months to payoff: iterative balance(n+1) = balance(n) × (1+r) − payment; count months until balance ≤ 0; total paid = months × payment; interest paid = sum of monthly interest charges