Loan Payoff Calculator

Calculate the payoff date for a loan and see how much you’ll pay in interest.

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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:

Amortization schedule for a $5,000.00 loan with a 4.5% interest rate and a 21-month term.
DatePaymentPrincipalInterestRemaining 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.
Learn how we calculated this below


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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