Loan Payoff Calculator
Enter a balance, a rate and a term to see the payoff date, the total interest and the full schedule — then add an extra payment and see how many months and how much interest it saves.
Paid off September 1, 2031 after 60 payments
- Monthly payment
- $386.66
- Payments
- 60
- Total interest
- $3,199.35
- Total paid
- $23,199.35
59 payments of $386.66; the last is $386.41.
Full amortization schedule — every payment
| # | Date | Payment | Interest | Principal | Balance |
|---|---|---|---|---|---|
| 1 | 2026-10-01 | $386.66 | $100.00 | $286.66 | $19,713.34 |
| 2 | 2026-11-01 | $386.66 | $98.57 | $288.09 | $19,425.25 |
| 3 | 2026-12-01 | $386.66 | $97.13 | $289.53 | $19,135.72 |
| 4 | 2027-01-01 | $386.66 | $95.68 | $290.98 | $18,844.74 |
| 5 | 2027-02-01 | $386.66 | $94.22 | $292.44 | $18,552.30 |
| 6 | 2027-03-01 | $386.66 | $92.76 | $293.90 | $18,258.40 |
| 7 | 2027-04-01 | $386.66 | $91.29 | $295.37 | $17,963.03 |
| 8 | 2027-05-01 | $386.66 | $89.82 | $296.84 | $17,666.19 |
| 9 | 2027-06-01 | $386.66 | $88.33 | $298.33 | $17,367.86 |
| 10 | 2027-07-01 | $386.66 | $86.84 | $299.82 | $17,068.04 |
| 11 | 2027-08-01 | $386.66 | $85.34 | $301.32 | $16,766.72 |
| 12 | 2027-09-01 | $386.66 | $83.83 | $302.83 | $16,463.89 |
| 13 | 2027-10-01 | $386.66 | $82.32 | $304.34 | $16,159.55 |
| 14 | 2027-11-01 | $386.66 | $80.80 | $305.86 | $15,853.69 |
| 15 | 2027-12-01 | $386.66 | $79.27 | $307.39 | $15,546.30 |
| 16 | 2028-01-01 | $386.66 | $77.73 | $308.93 | $15,237.37 |
| 17 | 2028-02-01 | $386.66 | $76.19 | $310.47 | $14,926.90 |
| 18 | 2028-03-01 | $386.66 | $74.63 | $312.03 | $14,614.87 |
| 19 | 2028-04-01 | $386.66 | $73.07 | $313.59 | $14,301.28 |
| 20 | 2028-05-01 | $386.66 | $71.51 | $315.15 | $13,986.13 |
| 21 | 2028-06-01 | $386.66 | $69.93 | $316.73 | $13,669.40 |
| 22 | 2028-07-01 | $386.66 | $68.35 | $318.31 | $13,351.09 |
| 23 | 2028-08-01 | $386.66 | $66.76 | $319.90 | $13,031.19 |
| 24 | 2028-09-01 | $386.66 | $65.16 | $321.50 | $12,709.69 |
| 25 | 2028-10-01 | $386.66 | $63.55 | $323.11 | $12,386.58 |
| 26 | 2028-11-01 | $386.66 | $61.93 | $324.73 | $12,061.85 |
| 27 | 2028-12-01 | $386.66 | $60.31 | $326.35 | $11,735.50 |
| 28 | 2029-01-01 | $386.66 | $58.68 | $327.98 | $11,407.52 |
| 29 | 2029-02-01 | $386.66 | $57.04 | $329.62 | $11,077.90 |
| 30 | 2029-03-01 | $386.66 | $55.39 | $331.27 | $10,746.63 |
| 31 | 2029-04-01 | $386.66 | $53.73 | $332.93 | $10,413.70 |
| 32 | 2029-05-01 | $386.66 | $52.07 | $334.59 | $10,079.11 |
| 33 | 2029-06-01 | $386.66 | $50.40 | $336.26 | $9,742.85 |
| 34 | 2029-07-01 | $386.66 | $48.71 | $337.95 | $9,404.90 |
| 35 | 2029-08-01 | $386.66 | $47.02 | $339.64 | $9,065.26 |
| 36 | 2029-09-01 | $386.66 | $45.33 | $341.33 | $8,723.93 |
| 37 | 2029-10-01 | $386.66 | $43.62 | $343.04 | $8,380.89 |
| 38 | 2029-11-01 | $386.66 | $41.90 | $344.76 | $8,036.13 |
| 39 | 2029-12-01 | $386.66 | $40.18 | $346.48 | $7,689.65 |
| 40 | 2030-01-01 | $386.66 | $38.45 | $348.21 | $7,341.44 |
| 41 | 2030-02-01 | $386.66 | $36.71 | $349.95 | $6,991.49 |
| 42 | 2030-03-01 | $386.66 | $34.96 | $351.70 | $6,639.79 |
| 43 | 2030-04-01 | $386.66 | $33.20 | $353.46 | $6,286.33 |
| 44 | 2030-05-01 | $386.66 | $31.43 | $355.23 | $5,931.10 |
| 45 | 2030-06-01 | $386.66 | $29.66 | $357.00 | $5,574.10 |
| 46 | 2030-07-01 | $386.66 | $27.87 | $358.79 | $5,215.31 |
| 47 | 2030-08-01 | $386.66 | $26.08 | $360.58 | $4,854.73 |
| 48 | 2030-09-01 | $386.66 | $24.27 | $362.39 | $4,492.34 |
| 49 | 2030-10-01 | $386.66 | $22.46 | $364.20 | $4,128.14 |
| 50 | 2030-11-01 | $386.66 | $20.64 | $366.02 | $3,762.12 |
| 51 | 2030-12-01 | $386.66 | $18.81 | $367.85 | $3,394.27 |
| 52 | 2031-01-01 | $386.66 | $16.97 | $369.69 | $3,024.58 |
| 53 | 2031-02-01 | $386.66 | $15.12 | $371.54 | $2,653.04 |
| 54 | 2031-03-01 | $386.66 | $13.27 | $373.39 | $2,279.65 |
| 55 | 2031-04-01 | $386.66 | $11.40 | $375.26 | $1,904.39 |
| 56 | 2031-05-01 | $386.66 | $9.52 | $377.14 | $1,527.25 |
| 57 | 2031-06-01 | $386.66 | $7.64 | $379.02 | $1,148.23 |
| 58 | 2031-07-01 | $386.66 | $5.74 | $380.92 | $767.31 |
| 59 | 2031-08-01 | $386.66 | $3.84 | $382.82 | $384.49 |
| 60 | 2031-09-01 | $386.41 | $1.92 | $384.49 | $0.00 |
What this page tells you
A payoff calculator answers a narrower question than a loan calculator. A loan calculator tells you what the payment is. A payoff calculator tells you when the loan ends, what it will have cost you by then, and what changes if you pay more than you have to. That last part is the reason most people are here, and it is the part a single-form tool cannot do.
This page runs the same amortization schedule a lender runs, in whole cents, and shows you every row of it. The payoff date is not an estimate from a formula — it is the date of the last row of the schedule. Where a payment does not cover the interest, or a loan cannot be cleared inside a hundred years, the page says so in words instead of printing a number that looks like an answer.
How to read the result
Every dollar above the scheduled payment is treated here as reducing the balance on the day it is paid. That is one of two things a lender can do with it. The other is to count it toward your next scheduled payment, which moves the due date forward and leaves the balance where it was — and the saving below is then not smaller, it is zero. The standard mortgage contract lets the lender choose; on a federal student loan choosing for you is the default. Send it as a principal-only payment, in writing, and check the next statement.
The payoff date is the date of the last payment, not the date the loan was scheduled to end. On a five-year loan with no extra payments those are the same day. Add anything extra and they diverge, and the gap between them is the whole point of the exercise.
The last payment is usually smaller than the others. The scheduled payment is rounded up to the next cent so that the schedule never runs long, which means the final payment only has to clear whatever is left. On the $20,000 example below, fifty-nine payments of $386.66 are followed by one of $386.41.
Total interest comes from the schedule, not from the payment. Multiplying the payment by the number of payments and subtracting the balance gives $3,199.60 on that example. The schedule gives $3,199.35. The 25-cent difference is entirely in that smaller final payment, and the schedule is the one that is right.
Interest saved is measured against the same loan with no extra payments. Same balance, same rate, same scheduled payment, paid monthly to the end of its term. When you enter an extra payment the panel shows the months and the interest you save against exactly that baseline, and nothing else changes underneath it.
A payment that does not cover the first month's interest never pays the loan off. The page says so, tells you the smallest payment that would reduce the balance, and does not print a payoff date. That is a real answer to the question you asked, and it is more useful than a schedule stretching to the horizon.
The formula
- M
- the scheduled payment, rounded up to the next cent
- P
- the balance at the start, in cents
- r
- the periodic rate — the APR divided by 100 and by 12
- n
- the term, in months
- bₖ₋₁
- the balance before payment k
- iₖ
- the interest charged in period k, rounded half-up to the cent
The payment is rounded up so the schedule cannot run past the term. Rounding to the nearest cent instead leaves a stray final payment of a few dollars on a long loan.
The payoff date comes from running the schedule, not from the formula. The two agree on ordinary loans and can differ by several months when the payment barely exceeds the interest.
The rounding rule, the final-payment adjustment and the published test vectors are all on the methodology page.
A worked example
A worked example: $20,000 at 6% over five years
Take $20,000 at 6.000% APR over 60 months. The monthly rate is 6 ÷ 100 ÷ 12 = 0.005. Raising 1.005 to the power of −60 gives 0.7413721962, so the denominator of the payment formula is 1 − 0.7413721962 = 0.2586278038. The numerator is 20,000 × 0.005 = 100.00. Dividing gives $386.656031, which rounds up to a scheduled payment of $386.66.
The first month accrues 20,000.00 × 0.005 = $100.00 of interest, so $286.66 of that payment reduces the balance, leaving $19,713.34. The second month accrues 19,713.34 × 0.005 = $98.5667, rounded half-up to $98.57, and the balance falls to $19,425.25. Fifty-seven rows later the balance is $384.49, the final month accrues $1.92, and the last payment is $386.41.
Now add $100 a month. Every payment becomes $486.66, the first month still accrues $100.00 of interest but $386.66 now goes to principal, and the loan clears on the forty-seventh payment instead of the sixtieth — thirteen months early, with $754.99 less interest paid. That figure is the difference between two schedules, both run to the cent.
- Scheduled payment
- $386.66
- Payments
- 60
- Final payment
- $386.41
- Total interest
- $3,199.35
- Payoff date (from 1 October 2026)
- 1 September 2031
- With $100 extra each month
- 47 payments, $2,444.36 interest
- Saved
- 13 months and $754.99
Every figure here is derived from the formula above and checked to the cent against vector V1 / V2 in the published test vectors — not read back off this page.
What this does not model
- A surplus paid on a loan that is behind does not reduce the balance — it cures the arrears first, and only what is left after that reaches principal. Every schedule here assumes the loan is current and that each payment arrives on its scheduled date.
- Interest comes out of every payment before principal does, and a fee can come out before either. Where a late charge or an unpaid fee is outstanding, the lender takes that first and less reaches the balance than this page shows.
- Interest is simple interest on the outstanding balance, charged once per period. There is no daily accrual and no compounding within a period.
- Fees, escrow, insurance, late charges and prepayment penalties are not modelled. If your lender charges a prepayment penalty, the interest saved shown here is before that penalty.
- The rate is fixed for the life of the loan. Variable and adjustable rates are not modelled.
- Nothing you type is transmitted. The calculation runs in your browser, and the only thing that ever leaves it is the link you choose to copy.
When to use a different page
One loan or several, fixed payment or revolving — that is the real question behind this family of calculators, and it decides which page answers yours.
Mortgage payoff
A mortgage is the same arithmetic over a much longer term, where a small extra payment compounds into years. That page defaults to a 30-year schedule and puts the bi-weekly option and lump sums in front.
Early loan payoff
If the question is specifically “how much sooner and how much cheaper”, that page leads with months saved and interest saved rather than with the payment.
Debt payoff planner
Several balances rather than one. The planner orders them, applies a single monthly budget across all of them, and rolls each freed payment into the next — which is a different calculation, not a bigger one.
Credit card payoff
A revolving balance with a minimum that shrinks as you pay it down. That page models the issuer's minimum rule, which is why a $5,000 card at 24% takes 234 months to clear on minimums alone.
Questions people ask
How does a loan payoff calculator work?
It builds the loan's amortization schedule one period at a time. Each month it charges interest on the outstanding balance, applies your payment, puts the difference against the principal, and repeats until the balance reaches zero. The payoff date is the date of that last row, and the total interest is the sum of the interest column.
How do I calculate the payoff date on a loan?
Count the rows. Run the schedule until the balance is zero, then count forward that many payments from your first payment date. Doing it from the closed-form formula instead gives an estimate that can be several months out when the payment is close to the interest — on a $10,000 balance at 12% with a $100.01 payment, the formula says 926 months and the schedule says 934.
How much do I save by paying extra on a loan?
Enter the extra and the panel shows both figures: months saved and interest saved, measured against the same loan paid to term with no extra. The saving is not proportional to the extra — money paid early stops accruing interest for the entire remaining life of the loan, so the first extra dollar saves more than the last.
Is it better to pay off a loan early?
Financially it depends on the rate, on whether the loan carries a prepayment penalty, and on what else the money could do. This page gives you one side of that comparison exactly: what the extra payment is worth in months and in interest. It does not know your other options, and it does not pretend to.
Why is my last payment different from the others?
Because the scheduled payment is rounded up to the next cent, the final payment only has to clear whatever balance is left, which is usually slightly less than a full payment. The alternative — rounding to the nearest cent — leaves a stray extra payment of a few dollars at the end of a 30-year mortgage, which is arithmetically correct and reads like a bug.
Does this calculator store the numbers I enter?
No. Everything is computed in your browser, nothing is sent anywhere, and nothing is saved between visits. The Copy link button encodes your inputs into the address bar so you can bookmark or share a scenario — that link contains numbers and nothing else.