Financial Tools

Loan Term Calculator

Determine how long it will take to repay your loan based on your monthly payment and interest rate.

Loan Parameters

Loan Amount

Interest Rate

Monthly Payment

Values shown are examples. Edit them to match your situation.

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Results Breakdown

Payoff period	0 Months
Total interest	$0
Total cost of loan	$0

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Everything here stays in your browser. The link carries your inputs inside the address itself, and the PDF is made by your own device.

For illustration only, not financial advice. Results are estimates based on the numbers you enter and do not constitute an offer, rate quote or approval.

A lower rate shortens every month above.

Compare published loan offers on APR, term and fee before you settle for this schedule.

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How this is worked out

The payment calculators ask how long and answer how much. This one asks how much you can pay and answers how long: n = ln(M / (M - P times i)) / ln(1 + i), where i is the annual rate over twelve. The result is rounded up, because a part month is still a payment.

If the payment is smaller than the first month of interest the balance grows instead of shrinking and there is no term. The page says so rather than printing a number, and gives the figure the payment has to clear.

The comparison line reruns the same formula with fifty dollars more a month, which is the cheapest way to see how much a small increase is worth on your particular balance.

Questions people ask

Why does $50 more a month save so much?

Because the extra goes entirely to principal. The interest portion is already covered by the scheduled payment, so every additional dollar shortens the schedule and removes all the interest that would have been charged over the months it cuts.

What if my payment barely covers the interest?

Then the balance is close to flat and the term runs for decades. The page flags it. Raising the payment even slightly above the interest line changes the answer from never to a finite number of years.

Does this work for a credit card?

For a fixed payment on a fixed balance, yes. It does not model a minimum payment that falls as the balance falls, which is what makes card debt last so long. Use the credit card payoff calculator for that.

Should I round the term up or down?

Up. The final payment is usually smaller than the rest, but it is still a payment, and the total cost shown here uses the rounded figure so it is never an underestimate.

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