Find out how long it will take to pay off a loan from its balance, interest rate and your monthly payment. You get the number of payments, the payoff date, total interest and a yearly schedule, plus a warning if the payment is too small to ever cover the interest.
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Optional: see how much time and interest an extra amount saves.
Enter your values to see the result.
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How to use the Loan Term Calculator
Enter the current balance you owe and the loan's annual interest rate (APR).
Enter your monthly payment and, if you like, an extra amount you could add each month.
Pick your next payment date so the payoff date is accurate.
Read the payoff time, payoff date and total interest.
Check the comparison table to see how a bigger payment shortens the loan, and download the schedule as CSV.
The loan payoff time formula
When you know the balance, the interest rate and the monthly payment, the number of payments left is:
n = −ln(1 − B × r ÷ P) ÷ ln(1 + r)
B = current loan balance
r = monthly interest rate (APR ÷ 12 ÷ 100)
P = monthly payment
The result is usually not a whole number, so the loan takes n rounded up payments, with a smaller final payment. If P ≤ B × r, the payment does not even cover one month of interest: the logarithm has no solution and the loan never gets paid off. That is why the calculator warns you when the payment is too low.
Example: $25,000 at 7.5% with $500 a month. r = 0.075 ÷ 12 = 0.00625, so B × r ÷ P = 0.3125 and n = −ln(0.6875) ÷ ln(1.00625) ≈ 60.1 months: 60 full payments plus a small 61st one, about 5 years and 1 month.
Months to repay $10,000 at different payments and rates
Monthly payment
5% APR
10% APR
15% APR
20% APR
$200
57 mo
65 mo
79 mo
109 mo
$300
36 mo
40 mo
44 mo
50 mo
$400
27 mo
29 mo
31 mo
33 mo
$500
21 mo
22 mo
24 mo
25 mo
$750
14 mo
15 mo
15 mo
16 mo
$1,000
11 mo
11 mo
11 mo
12 mo
"Never" means the payment is at or below the monthly interest, so the balance does not fall. Scale the balance and payment together (for example $20,000 with double the payment) and the number of months stays the same.
Ways to shorten your loan term
Pay a little extra every month. Every extra dollar goes straight to principal, which cuts the interest charged in every later month.
Round up your payment or put windfalls (tax refunds, bonuses) toward the balance.
Check for prepayment penalties in your loan agreement before paying ahead, and ask the lender to apply extra money to principal.
Refinance to a lower rate if you keep the same payment: more of each payment then reduces the balance.
Frequently asked questions
How do I calculate how long it will take to pay off a loan?
Use n = −ln(1 − B × r ÷ P) ÷ ln(1 + r), where B is the balance, r is the monthly rate (APR ÷ 12) and P is the monthly payment. Round n up to get the number of payments; the last payment is usually smaller. This is the same as the NPER function in spreadsheets.
Why does it say my payment is too low?
Each month the lender charges interest of about balance × APR ÷ 12. If your payment is equal to or smaller than that, nothing is left over to reduce the principal, so the balance stays the same or grows and the loan is never repaid. You need to pay more than the monthly interest.
How much time does an extra payment save?
It depends on the rate and balance, but small amounts add up because every extra dollar reduces the balance that earns interest. Enter an amount in the extra payment field to see the exact months and interest saved for your loan.
Is the payoff date exact?
It assumes a fixed rate, the same payment every month, interest charged monthly on the balance and no fees or missed payments. Lenders that charge daily interest or apply payments on different dates may differ by a few dollars or one payment.
Does this work for credit cards?
Yes, if you pay a fixed amount every month and add no new charges. For minimum payments that shrink with the balance, use a credit card payoff or minimum payment calculator instead.
What is the difference between loan term and payoff time?
The loan term is the original length in the contract, such as 60 months. Payoff time is how long is left from today at the payment you actually make, which is shorter if you pay extra or longer if you pay less.
Are all the tools on FreeToolCabin tested for quality and accuracy?
Yes! Every tool on our site undergoes automated Q/A testing in real browser environments to ensure high precision, correct output, and zero errors. If you happen to spot a bug or have a suggestion, please contact us at [email protected] and our team will review it right away.