Loan Payoff Calculator
Calculate the monthly payment, total interest, and payoff date for a fixed-rate loan. Plan your debt repayment efficiently.
Published by:
isCalculator Editorial Team
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How to use this tool?
Follow these steps to calculate your loan payoff details:
- Enter Loan Amount – Type the total loan amount (e.g., 10000 for $10,000). Must be a positive number.
- Enter Annual Interest Rate – Input the yearly interest rate as a percentage (e.g., 5 for 5%). Can be zero for interest-free loans.
- Enter Loan Term – Specify the loan duration in months (e.g., 60 for 5 years). Must be a whole number greater than 0.
- Click "Calculate" – Press the button or hit Enter. Results appear below.
- Monthly Payment – Fixed amount due each month.
- Total Interest – Total interest paid over the loan term.
- Total Payment – Sum of principal and interest.
- Payoff Date – Estimated date when the loan is fully paid.
What you get:
Note: All monetary values are in dollars. The calculator uses the standard amortization formula for equal monthly payments.
Previous Results
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Frequently Asked Questions
Enter the loan amount, annual interest rate, and loan term in months, then click Calculate. The results show your monthly payment, total interest, and payoff date.
It uses the standard amortization formula: M = P * [r(1+r)^n] / [(1+r)^n - 1], where P is the principal, r is the monthly interest rate, and n is the number of payments.
Yes, it works for any fixed-rate loan such as mortgages, auto loans, or personal loans.
