Find out exactly how many months or years it will take to pay off a loan at your current monthly payment — and whether that payment is even large enough to cover the interest.
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How the Loan Term Calculator works
Every fixed-payment loan pays down over a specific number of months, determined by three things:
how much you owe, your interest rate, and how much you pay each month. If you already know your
loan amount, rate, and payment — but you're not sure how long it will actually take to pay off —
this calculator works backward from those numbers to find your payoff timeline.
Each month, part of your payment covers that month's interest and the rest reduces your principal.
As the balance shrinks, less of each payment goes to interest and more goes to principal, which is
why payoff time isn't simply your balance divided by your payment.
n = −ln(1 − r·P / Payment) / ln(1 + r) where P = principal, r = monthly interest rate, n = number of months
If your monthly payment is less than or equal to the interest charged on the balance each month,
the loan mathematically never pays off — the calculator will flag this instead of showing a
misleading number of months.
Frequently asked questions
If your payment is only slightly higher than the interest charged each month, almost nothing goes toward principal, and payoff can take an extremely long time. If your payment is at or below the interest amount, the loan will never pay off at all — you'll see a "Never" result above.
Even a modest increase can make a big difference, especially early in the loan, because extra dollars go straight to principal instead of interest. Try raising the monthly payment in the calculator above to see the new payoff time.
A result of "Never" means your monthly payment is less than or equal to the interest charged on the balance each month. Since none of your payment reduces principal, the balance never goes down. You'll need to increase your payment above the monthly interest amount for the loan to pay off.
This calculator assumes a single fixed monthly payment for the life of the loan. If you want to see the effect of adding extra payments on top of your regular payment, use our Extra Payment Loan Calculator.