Loan Payoff Time Calculator
Find how many months it takes to clear a loan with a fixed monthly payment. A dash means the payment does not cover the interest. Enter loan…
8 of 8 free uses remaining today
Find how many months it takes to clear a loan with a fixed monthly payment. A dash means the payment does not cover the interest. Enter loan balance, annual rate and monthly payment to see months to pay off and years to pay off when you calculate.
General information only, not financial advice. Results are estimates; fees, tax and future rate changes may affect outcomes.
Worked example
Example calculated from the starting values. Enter your own values and press Calculate to get your result.
With the default inputs (loan balance = 20,000, annual rate = %7, monthly payment = 500), the results are: months to pay off 45.7; years to pay off 3.81.
Quick reference: loan balance vs result
Reference table based on the example values; it is not your calculation result.
| Loan balance | Months to pay off | Years to pay off |
|---|---|---|
| 10,000 | 21.3 | 1.78 |
| 20,000 | 45.7 | 3.81 |
| 40,000 | 108.1 | 9.01 |
| 100,000 | — | — |
| 200,000 | — | — |
| 400,000 | — | — |
Frequently asked questions
What formula does this calculator use?
Months to pay off = -ln(1-bal × (r ÷ 1200) ÷ pmt) ÷ ln(1+r ÷ 1200); Years to pay off = -ln(1-bal × (r ÷ 1200) ÷ pmt) ÷ ln(1+r ÷ 1200) ÷ 12. Variables: bal = loan balance, r = annual rate in %, pmt = monthly payment.
What do I need to enter?
You need loan balance, annual rate (%), monthly payment. Results update as you type.
What is an example result?
With the default inputs (loan balance = 20,000, annual rate = %7, monthly payment = 500), the results are: months to pay off 45.7; years to pay off 3.81.
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