Loan Payoff Calculator

Find out how many months it will take to pay off a loan given the balance, interest rate, and monthly payment. Free, instant, no signup.

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Formula: months = −log(1 − P×r/M) / log(1+r)
  • P = loan balance
  • r = monthly interest rate
  • M = monthly payment

How to use the Loan Payoff Calculator

  1. Enter your values. Fill in the fields with your numbers.
  2. Calculate. Press Calculate to run the loan payoff calculator.
  3. Use the result. Copy the result or try a related tool next.

Why use our Loan Payoff Calculator

Instant results. Enter your figures and the loan payoff calculator returns an answer in seconds.
Free & private. Runs in your browser — no signup, and nothing is sent to a server.
Accurate. Uses standard formulas so you can rely on the numbers.

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About the Loan Payoff Calculator

The Loan Payoff Calculator shows you how quickly you can clear a loan and how much interest you will avoid by paying more than the minimum each month. You enter your current balance, the annual interest rate, and either your scheduled monthly payment or remaining term, then add an optional extra amount. The tool reports your payoff date, the months you shave off, and the total interest saved. It works for any fixed-rate installment loan, including auto loans, personal loans, student loans, and mortgages, so you can compare what one tweak to your payment really does over the life of the debt.

Reach for this calculator when you have spare cash and want to know whether sending it to a loan beats leaving it idle. It answers concrete questions: if I pay $100 extra a month, when am I debt-free, and how many dollars of interest disappear? Because every extra dollar goes straight to principal, the return is effectively guaranteed at your loan's interest rate, which often beats a savings account. It is also useful before a windfall, a raise, or refinancing, letting you test a one-time lump sum or a permanently higher payment without committing to anything first.

Under the hood the tool runs a month-by-month amortization. Each period it charges interest equal to the remaining balance times the monthly rate (annual rate divided by 12), subtracts that from your payment to find how much principal you retire, and rolls the balance forward. Adding an extra amount shrinks the balance faster, so the next month's interest charge is smaller, which compounds the acceleration. It repeats this loop until the balance hits zero, then compares the accelerated schedule against your original one to report time and interest saved. Results assume a fixed rate and that extra money is applied to principal.

All math runs in your browser, so your balance, rate, and payment figures are never uploaded or stored on our servers. The numbers are accurate for standard fixed-rate, monthly-compounding loans, but treat them as a close estimate rather than a payoff quote. Real loans can differ because of prepayment penalties, daily interest accrual, escrow on mortgages, or a lender applying extra funds to the next payment instead of principal. Always confirm your exact payoff amount with your lender and tell them to direct extra payments to principal.

Frequently asked questions

How does paying extra each month save me interest?

Interest is charged on your remaining balance, so any extra payment applied to principal lowers that balance immediately. A smaller balance means a smaller interest charge the following month, which compounds over time and lets you finish the loan sooner with less total interest.

What inputs do I need to use the calculator?

You need your current loan balance, the annual interest rate (APR), and either your monthly payment or remaining term. Then enter an optional extra monthly amount or one-time lump sum to see the payoff date, months saved, and interest saved.

Will I be charged a fee for paying off my loan early?

Some lenders charge a prepayment penalty, especially on certain mortgages and personal loans. This calculator does not assume a penalty, so check your loan agreement and subtract any fee from the projected interest savings to see your true benefit.

Does the calculator work for mortgages, auto loans, and student loans?

Yes. It works for any fixed-rate installment loan that compounds monthly, including mortgages, auto loans, personal loans, and many student loans. Results may vary slightly for loans that accrue interest daily or include escrow.

How do I make sure my extra payment actually reduces the balance?

Tell your lender to apply the extra amount to principal. Otherwise some lenders treat it as an advance on your next scheduled payment, which does not shorten the term or cut interest the way this calculator assumes.

From our blog

How to Estimate Cubic Yards for Any Landscaping or Concrete Project

By the Super Simple Digital Tools Team · Updated June 2026

Bulk materials live in a frustrating gap between how you measure and how you buy. You pace out a flower bed in feet and inches, but the garden center sells mulch by the cubic yard and the ready-mix plant quotes concrete the same way. Cubic yards are simply the standard unit for material that arrives by the truckload, because a cubic yard is a manageable, deliverable chunk: a cube three feet on every side. Getting comfortable with that single unit lets you plan any fill job confidently, whether you are dressing a garden, pouring a slab, or building a gravel drive.

Start with three measurements: length, width, and depth. Length and width are usually easy to take in feet. Depth is where most people slip, because it is often shallow and naturally measured in inches. A typical mulch bed runs 3 to 4 inches deep, a decorative gravel layer 1 to 2 inches, and a standard concrete slab 4 inches. Whatever you use, convert depth to feet before you calculate by dividing inches by 12. Keeping every dimension in the same unit is the single most important habit for getting a correct answer.

With consistent units, the conversion is one short formula: length times width times depth gives cubic feet, and dividing by 27 gives cubic yards. The number 27 is not arbitrary; it is how many cubic feet fit inside that three-by-three-by-three-foot cube. So a 20-by-15-foot patio poured 4 inches thick works out to 20 x 15 x 0.333, about 100 cubic feet, which divided by 27 is roughly 3.7 cubic yards. Awkwardly shaped yards are easy too: split them into rectangles, calculate each piece, and add the results together at the end.

Geometry tells you the exact volume of the hole, but it does not tell you how much to order, and those are different numbers. Ground is rarely perfectly level, material compacts as it settles, and some always spills during placement. A common rule is to add about 10 percent for landscaping materials and 10 to 15 percent for concrete, rounding concrete up to the nearest quarter yard since you usually cannot buy a precise fraction. Suppliers sometimes price by the ton rather than the yard, so remember most gravel weighs roughly 1.4 to 1.7 tons per cubic yard if you need to cross-check a quote.

Run a quick sanity check before you commit. Coverage figures are an easy gut test: one cubic yard spreads over about 162 square feet at 2 inches deep or 108 square feet at 3 inches, so if your project area is far off from what your yardage implies, recheck your depth conversion first. For shallow four-inch slabs there is a handy shortcut contractors use: divide the total square footage by 81 to get cubic yards directly. Once your inputs are clean and a margin is added, the order you place should match the space you measured.

  • Always convert depth from inches to feet (divide by 12) before multiplying; a forgotten conversion is the most common reason an estimate comes out wildly wrong.
  • Break irregular spaces into simple rectangles or circles, calculate each separately, and sum the cubic yards rather than trying to average odd shapes.
  • Add roughly 10 percent extra for soil, mulch, and gravel and 10 to 15 percent for concrete, then round concrete up to the nearest quarter yard.
  • If a supplier quotes by the ton, remember most gravel runs about 1.4 to 1.7 tons per cubic yard, so you can translate between their price and your measured volume.

Read the full guide →

Tool by the Super Simple Digital Tools Team. Reviewed by our editorial team. Free to use, no signup required.

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