Loan Calculator With Payoff Date
Work out the monthly payment on any fixed-rate installment loan — personal, auto, student, or business — along with the exact month it will be paid off and the total interest you’ll pay.
Add an extra monthly payment to see how much sooner you’d be debt-free and how much interest you’d save, and open the full month-by-month amortization schedule to see how each payment splits between principal and interest.
Calculator
Monthly payment
$506.91
- Payoff date
- Nov 2031
- Number of payments
- 60
- Total interest
- $5,415
- Total of all payments
- $30,415
Monthly amortization schedule (60 payments)
| # | Date | Payment | Principal | Interest | Balance |
|---|---|---|---|---|---|
| 1 | Dec 2026 | $506.91 | $340.24 | $166.67 | $24,659.76 |
| 2 | Jan 2027 | $506.91 | $342.51 | $164.40 | $24,317.25 |
| 3 | Feb 2027 | $506.91 | $344.79 | $162.11 | $23,972.45 |
| 4 | Mar 2027 | $506.91 | $347.09 | $159.82 | $23,625.36 |
| 5 | Apr 2027 | $506.91 | $349.41 | $157.50 | $23,275.95 |
| 6 | May 2027 | $506.91 | $351.74 | $155.17 | $22,924.21 |
| 7 | Jun 2027 | $506.91 | $354.08 | $152.83 | $22,570.13 |
| 8 | Jul 2027 | $506.91 | $356.44 | $150.47 | $22,213.69 |
| 9 | Aug 2027 | $506.91 | $358.82 | $148.09 | $21,854.87 |
| 10 | Sep 2027 | $506.91 | $361.21 | $145.70 | $21,493.66 |
| 11 | Oct 2027 | $506.91 | $363.62 | $143.29 | $21,130.04 |
| 12 | Nov 2027 | $506.91 | $366.04 | $140.87 | $20,764.00 |
| 13 | Dec 2027 | $506.91 | $368.48 | $138.43 | $20,395.51 |
| 14 | Jan 2028 | $506.91 | $370.94 | $135.97 | $20,024.57 |
| 15 | Feb 2028 | $506.91 | $373.41 | $133.50 | $19,651.16 |
| 16 | Mar 2028 | $506.91 | $375.90 | $131.01 | $19,275.26 |
| 17 | Apr 2028 | $506.91 | $378.41 | $128.50 | $18,896.85 |
| 18 | May 2028 | $506.91 | $380.93 | $125.98 | $18,515.92 |
| 19 | Jun 2028 | $506.91 | $383.47 | $123.44 | $18,132.45 |
| 20 | Jul 2028 | $506.91 | $386.03 | $120.88 | $17,746.42 |
| 21 | Aug 2028 | $506.91 | $388.60 | $118.31 | $17,357.82 |
| 22 | Sep 2028 | $506.91 | $391.19 | $115.72 | $16,966.63 |
| 23 | Oct 2028 | $506.91 | $393.80 | $113.11 | $16,572.83 |
| 24 | Nov 2028 | $506.91 | $396.42 | $110.49 | $16,176.41 |
| 25 | Dec 2028 | $506.91 | $399.07 | $107.84 | $15,777.34 |
| 26 | Jan 2029 | $506.91 | $401.73 | $105.18 | $15,375.61 |
| 27 | Feb 2029 | $506.91 | $404.41 | $102.50 | $14,971.21 |
| 28 | Mar 2029 | $506.91 | $407.10 | $99.81 | $14,564.11 |
| 29 | Apr 2029 | $506.91 | $409.82 | $97.09 | $14,154.29 |
| 30 | May 2029 | $506.91 | $412.55 | $94.36 | $13,741.74 |
| 31 | Jun 2029 | $506.91 | $415.30 | $91.61 | $13,326.44 |
| 32 | Jul 2029 | $506.91 | $418.07 | $88.84 | $12,908.38 |
| 33 | Aug 2029 | $506.91 | $420.85 | $86.06 | $12,487.52 |
| 34 | Sep 2029 | $506.91 | $423.66 | $83.25 | $12,063.86 |
| 35 | Oct 2029 | $506.91 | $426.48 | $80.43 | $11,637.38 |
| 36 | Nov 2029 | $506.91 | $429.33 | $77.58 | $11,208.05 |
| 37 | Dec 2029 | $506.91 | $432.19 | $74.72 | $10,775.86 |
| 38 | Jan 2030 | $506.91 | $435.07 | $71.84 | $10,340.79 |
| 39 | Feb 2030 | $506.91 | $437.97 | $68.94 | $9,902.82 |
| 40 | Mar 2030 | $506.91 | $440.89 | $66.02 | $9,461.93 |
| 41 | Apr 2030 | $506.91 | $443.83 | $63.08 | $9,018.10 |
| 42 | May 2030 | $506.91 | $446.79 | $60.12 | $8,571.31 |
| 43 | Jun 2030 | $506.91 | $449.77 | $57.14 | $8,121.54 |
| 44 | Jul 2030 | $506.91 | $452.77 | $54.14 | $7,668.78 |
| 45 | Aug 2030 | $506.91 | $455.78 | $51.13 | $7,212.99 |
| 46 | Sep 2030 | $506.91 | $458.82 | $48.09 | $6,754.17 |
| 47 | Oct 2030 | $506.91 | $461.88 | $45.03 | $6,292.29 |
| 48 | Nov 2030 | $506.91 | $464.96 | $41.95 | $5,827.33 |
| 49 | Dec 2030 | $506.91 | $468.06 | $38.85 | $5,359.26 |
| 50 | Jan 2031 | $506.91 | $471.18 | $35.73 | $4,888.08 |
| 51 | Feb 2031 | $506.91 | $474.32 | $32.59 | $4,413.76 |
| 52 | Mar 2031 | $506.91 | $477.48 | $29.43 | $3,936.28 |
| 53 | Apr 2031 | $506.91 | $480.67 | $26.24 | $3,455.61 |
| 54 | May 2031 | $506.91 | $483.87 | $23.04 | $2,971.73 |
| 55 | Jun 2031 | $506.91 | $487.10 | $19.81 | $2,484.64 |
| 56 | Jul 2031 | $506.91 | $490.35 | $16.56 | $1,994.29 |
| 57 | Aug 2031 | $506.91 | $493.61 | $13.30 | $1,500.68 |
| 58 | Sep 2031 | $506.91 | $496.91 | $10.00 | $1,003.77 |
| 59 | Oct 2031 | $506.91 | $500.22 | $6.69 | $503.55 |
| 60 | Nov 2031 | $506.91 | $503.55 | $3.36 | $0.00 |
Fixed-rate installment loan with monthly payments; enter the APR so fees are included. Extra payments go entirely to principal — confirm your lender applies them that way and doesn’t charge a prepayment penalty.
Was this calculator helpful?
Calculation Formulas
r is the monthly rate (APR ÷ 12) and n the number of monthly payments.
Example:
$25,000 at 8% for 60 months = $506.91.
Extra payments are applied entirely to principal, shortening the loan.
Compares the two schedules.
Key Figures
| Figure | Value | Description |
|---|---|---|
| Payment frequency | Monthly | First payment one month after the loan starts. |
Note: Results are estimates for planning purposes. Rates, fees, taxes, and insurance vary by lender and location — confirm exact figures with a licensed professional before making financial decisions.
Standards & Sources
Last verified: October 2026
- Truth in Lending Act (APR)
Enter the APR from your loan disclosure, which includes certain fees, to compare loans accurately.
- Shared amortization engine
Uses the same amortization math as our mortgage, auto, and personal loan calculators.
How to Use This Calculator
- Enter the loan amount and the APR.
- Enter the loan term in years or months, and the month the loan starts.
- Optionally add an extra amount you’ll pay each month.
- Read your monthly payment, payoff date, and total interest, and open the amortization schedule for every payment.
Frequently Asked Questions
How is a monthly loan payment calculated?
With the standard amortization formula: Payment = P × r(1+r)^n ÷ ((1+r)^n − 1), where P is the loan amount, r the monthly interest rate (APR ÷ 12), and n the number of payments. A $25,000 loan at 8% for 5 years costs $506.91 a month.
How much does an extra payment save?
On a $25,000, 5-year loan at 8%, paying $100 extra a month pays it off 11 months early and saves about $1,100 in interest. The earlier in the loan you start, the more you save.
When is my loan paid off?
Your payoff date is the month of your last scheduled payment. Most installment loans make the first payment about a month after funding, which is how this calculator dates the schedule.
Why does most of my early payment go to interest?
Interest is charged on the remaining balance, which is largest at the start. As the balance falls, more of each fixed payment goes to principal.
Guides to go with this calculator
How to Calculate Debt-to-Income Ratio (DTI)
Lenders use your debt-to-income ratio to decide how much you can borrow. Here’s exactly what goes into it, how to calculate it in two minutes, and the limits for conventional, FHA, and VA loans.
Debt Snowball vs. Avalanche: Which Is Faster?
Both methods use the same money and the same discipline — they just differ on which debt you attack first. One saves the most interest; the other keeps you motivated. Here’s how to choose.
How to Pay Off Credit Card Debt Fast
Americans carry $1.25 trillion in credit card debt at over 20% interest — and paying the minimum keeps you there for years. Here’s a concrete plan to get out faster.
Related calculators
Personal Loan Calculator
Estimate the monthly payment, total interest, and total cost of a personal loan from the loan amount, interest rate (APR), and term.
Student Loan Calculator
Estimate your monthly payment, total interest, and payoff date — and see how much extra payments save you in interest and time.
Debt Payoff Calculator
Compare the debt snowball and avalanche methods across all your debts. See which clears your balances faster and which saves the most interest.