See how much principal is left on a fixed-rate loan after a number of payments or as of a date. You also get the principal and interest you have paid so far, the percent paid off and a year-by-year schedule showing where you are.
Last updated:
$
% / yr
years
$
Leave empty to use the standard payment for this loan. Enter your actual payment if you pay extra.
Payments made
payments
Enter your values to see the result.
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How to use the Remaining Loan Balance Calculator
Enter the original loan amount, interest rate and term in years.
Optionally enter your actual payment if you pay more than the standard amount.
Enter the number of payments made, or switch to dates and enter your first payment date.
Read the remaining balance, interest paid so far and percent paid off.
Scroll the schedule to see the yearly balance; rows marked Paid are behind you.
Remaining balance formula
For a fixed-rate loan with equal monthly payments, the balance after k payments is:
Bk = L(1 + r)k − P × ((1 + r)k − 1) ÷ r
L = original loan amount
r = monthly interest rate (APR ÷ 12 ÷ 100)
P = monthly payment, normally L × r ÷ (1 − (1 + r)−n) for an n-month term
k = number of payments already made
The first part is what the loan would grow to with no payments; the second is what your payments (with the interest they "earned") have paid down. Principal paid is L − Bk, and interest paid is k × P − (L − Bk).
Example: $300,000 at 6.5% for 30 years has a payment of $1,896.20. After 60 payments the balance is about $280,832.93, so only about 6.4% of the principal is repaid even though one sixth of the payments are made.
Balance left on a 30-year loan (% of the original amount)
Years paid
4%
5%
6%
7%
8%
1
98.2%
98.5%
98.8%
99.0%
99.2%
3
94.5%
95.3%
96.1%
96.7%
97.3%
5
90.4%
91.8%
93.1%
94.1%
95.1%
10
78.8%
81.3%
83.7%
85.8%
87.7%
15
64.5%
67.9%
71.0%
74.0%
76.8%
20
47.2%
50.6%
54.0%
57.3%
60.5%
25
25.9%
28.4%
31.0%
33.6%
36.2%
Higher rates keep the balance high for longer because more of each early payment goes to interest.
Why the balance falls slowly at first
Interest each month is the balance × r. Early on the balance is largest, so most of the fixed payment is interest. As principal is repaid, the interest part shrinks and the principal part grows, which is why the balance curve bends downward faster in later years. Extra payments go entirely to principal and move you further along this curve.
Frequently asked questions
How do I calculate the remaining balance on a loan?
Use B = L(1 + r)^k − P × ((1 + r)^k − 1) ÷ r, where L is the original amount, r the monthly rate (APR ÷ 12), P the monthly payment and k the number of payments made. This gives the principal still owed right after payment k.
Why is my balance still so high after years of payments?
On a long loan most of each early payment is interest. On a 30-year loan at 6.5%, about 94% of the principal is still owed after 5 years. The share going to principal grows every month.
Is the remaining balance the same as my payoff amount?
Not exactly. A lender's payoff quote adds interest accrued since your last payment and any fees, and may include escrow adjustments. The remaining principal from this calculator is the main part of the payoff.
How are payments counted when I use dates?
Every monthly due date from the first payment up to and including the 'as of' date counts as one payment made. If the 'as of' day of the month is before the due day, that month's payment is not counted yet.
What if I made extra payments?
Enter your usual total payment in the monthly payment field. For one-off lump sums the result will be approximate; subtract the lump sum from the balance your lender shows, or use an amortization calculator with extra payments.
Does this work for car loans and student loans?
Yes. It works for any fixed-rate loan that is repaid with equal monthly payments, such as mortgages, auto loans, personal loans and most student loans.
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.