GSCalculate

Loan Payoff Calculator

See how long a loan takes to pay off — or what payment you need for a target term. Compare extra payments, biweekly schedules, interest saved, and a payoff date. Free, private, instant.

Reviewed / updated August 4, 2026

Your inputs

USD

Remaining principal you still owe

%

From your statement — promotional or variable APRs can change

USD

Interest-only minimum ≈ $199.00/mo — pay more to reduce principal

USD

Added on top of your regular payment each period

Interest-only floor: $199.00/month. Anything at or below this amount never reduces the balance.

Result

Time to pay off

52 months

≈ 4.3 years · Dec 2030

Monthly payment used
$350.00
Payoff date
Dec 2030
Total paid
$17,889.43
Total interest
$5,889.43

Payoff around Dec 2030 — 52 months (~4.3 years) with $5,889.43 in interest.

What if you paid more?

Same balance and APR — only the monthly total changes.

ScenarioPaymentMonthsInterest
Base payment$350.0052$5,889.43
+$50.00/mo extra$400.0042$4,736.52
+$100.00/mo extra$450.0036$3,973.58
+$200.00/mo extra$550.0028$3,019.97

Amortization snapshot

First and last months — interest is front-loaded on high-APR balances.

#PaymentInterestPrincipalBalance
1$350.00$199.00$151.00$11,849.00
2$350.00$196.50$153.50$11,695.50
3$350.00$193.95$156.05$11,539.45
…50$350.00$11.95$338.05$382.44
51$350.00$6.34$343.66$38.79
52$39.43$0.64$38.79$0.00

Suggested next steps

  • Use the Extra principal field or scenario table to see how faster payoff cuts interest.
  • Check whether your loan allows extra principal without prepayment penalties.
  • This model uses a fixed APR and constant payments — variable rates and fees need a lender quote.

How the loan payoff calculation works

Timeline mode

  1. Start with current balance and APR.
  2. Each month: interest ≈ balance × (APR ÷ 12).
  3. Apply your payment (and optional extra) to interest first, then principal.
  4. Repeat until the balance is cleared — report months, payoff date, total paid, and interest.

Payment-needed mode

  1. Choose a target term in months.
  2. Solve the standard amortization payment for that term at your APR.
  3. Simulate payoff with that payment to show interest and the calendar payoff month.

Biweekly inputs are converted to an equivalent monthly cash flow (×26 ÷ 12) so the same engine can compare scenarios. A short amortization snapshot shows how early payments are interest-heavy on high-APR balances.

Worked example

Balance $12,000, APR 19.9%, payment $350/month (timeline mode):

  1. Monthly rate ≈ 19.9% ÷ 12 ≈ 1.658%
  2. Interest-only floor ≈ 12,000 × 0.01658 ≈ $199/mo
  3. First month: ~$199 interest, ~$151 principal
  4. Continuing month by month, payoff lands in the mid-40s of months with substantial interest — adding $50 extra per month cuts both time and interest (see the scenario table).

If instead you want the loan gone in 36 months, switch to payment-needed mode: the tool computes the fixed monthly payment required for that term at 19.9% APR.

Methodology and notes

This is a fixed-APR, fixed-payment amortization model that runs in your browser. It does not model late fees, deferred interest, payment holidays, or lender-specific biweekly posting rules. Confirm figures with your lender before refinance or legal decisions.

Frequently asked questions

“How long to pay off?” starts with the payment you can afford and estimates months, payoff date, and interest. “What payment do I need?” starts with a target term (for example 36 months) and calculates the fixed monthly payment required to clear the balance at your APR.

Related tools

Related calculators — live tools and upcoming pages for internal linking.