Loan Payoff Calculator

This calculator amortizes a fixed-rate loan: each month, part of your payment covers the interest that accrued on the remaining balance, and the rest reduces the principal. As the balance drops, less of each payment goes to interest and more goes to principal - which is why early payments barely dent the balance while later ones pay it down quickly.

You can solve either direction. Give a loan term and the calculator finds the fixed monthly payment needed to reach zero by the end of it. Give a monthly payment instead, and it works out how many months it will actually take to pay off the loan at that payment amount.

Total interest paid is the sum of every interest charge across the full schedule - a useful number for comparing loan offers with different rates or terms, since a longer term often lowers the payment but raises the total interest.