Loan Payoff Calculator
Find your monthly payment for a fixed-rate loan, or see how many months it takes to pay off a loan with a fixed monthly payment. Enter principal, annual interest rate, and either term in months or payment amount.
Choose one:
FAQ
- How is the payment calculated?
- We use the standard amortization formula: payment = (P × r) / (1 − (1 + r)^(−n)), where P is principal, r is monthly rate (annual ÷ 12), and n is number of months.
- What if I enter both term and payment?
- If you enter a monthly payment, we use it to compute how many months to pay off the loan. Term is ignored when payment is given.
- Does this include fees or insurance?
- No. This is principal and interest only. Add property tax, insurance, or fees separately for a full picture.
- Why does my result differ from my lender?
- Lenders may use slightly different rounding or include other charges. Use this for estimates; confirm with your loan documents.
Loan Payoff and Monthly Payment
A loan payoff calculator answers two questions: “What will my payment be?” and “How long until I’m done?” For a fixed-rate loan, the monthly payment depends on the principal, annual interest rate, and term. Given those three, the formula (P × r) / (1 − (1 + r)^(−n)) gives the payment, with r = annual rate / 12 and n = number of months.
If you know the payment you can afford instead of the term, you can solve for n: how many months to pay off the loan. That’s useful when you’re deciding to pay extra each month. Finance calculators like this one assume fixed payments and rate; they don’t handle variable rates or balloon payments.
Use this for quick estimates. For real decisions, compare with your lender’s numbers and read your loan agreement. Extra principal payments can shorten the term and reduce total interest.
Also try our Savings Goal Calculator.
People Also Ask
- How do I calculate my monthly loan payment?
- How long will it take to pay off my loan with extra payments?
- Does a loan calculator include fees and insurance?
- Why is my calculated payment different from my lender?
Last updated: February 2026