Loan Payoff Calculator
Calculate the payoff date for a loan and see how much you’ll pay in interest.
Loan Payoff Summary:
| Estimated Payoff Date: | May 2024
|
| Time to Pay Off: | 1 yr and 9 mos
|
| Total Interest: | $207.25
|
| Total Payments: | $5,207.25
|
Amortization Schedule:
| Date | Payment | Principal | Interest | Remaining Balance |
|---|---|---|---|---|
| Sep 2022 | $250.00 | $231.25 | $18.75 | $4,768.75 |
| Oct 2022 | $250.00 | $232.12 | $17.88 | $4,536.63 |
| Nov 2022 | $250.00 | $232.99 | $17.01 | $4,303.64 |
| Dec 2022 | $250.00 | $233.86 | $16.14 | $4,069.78 |
| Jan 2023 | $250.00 | $234.74 | $15.26 | $3,835.04 |
| Feb 2023 | $250.00 | $235.62 | $14.38 | $3,599.42 |
| Mar 2023 | $250.00 | $236.50 | $13.50 | $3,362.92 |
| Apr 2023 | $250.00 | $237.39 | $12.61 | $3,125.53 |
| May 2023 | $250.00 | $238.28 | $11.72 | $2,887.25 |
| Jun 2023 | $250.00 | $239.17 | $10.83 | $2,648.08 |
| Jul 2023 | $250.00 | $240.07 | $9.93 | $2,408.01 |
| Aug 2023 | $250.00 | $240.97 | $9.03 | $2,167.04 |
| Sep 2023 | $250.00 | $241.87 | $8.13 | $1,925.17 |
| Oct 2023 | $250.00 | $242.78 | $7.22 | $1,682.39 |
| Nov 2023 | $250.00 | $243.69 | $6.31 | $1,438.70 |
| Dec 2023 | $250.00 | $244.60 | $5.40 | $1,194.10 |
| Jan 2024 | $250.00 | $245.52 | $4.48 | $948.58 |
| Feb 2024 | $250.00 | $246.44 | $3.56 | $702.14 |
| Mar 2024 | $250.00 | $247.37 | $2.63 | $454.77 |
| Apr 2024 | $250.00 | $248.29 | $1.71 | $206.48 |
| May 2024 | $207.25 | $206.48 | $0.77 | $0.00 |
This calculation is based on widely-accepted formulas, but it is not a recommendation for how to handle your finances. Consult with a financial professional before making financial decisions.
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Formula to Calculate Principal Paid per Payment
principal = PMT − (P \times r)
Where:
PMT = payment amount
P = remaining principal balance
r = periodic interest rate