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Early Loan Payoff Calculator

Base payment must exceed first-month interest. Fixed rate, no new borrowing or fees. Final payment may be smaller than the regular payment.

Base payment must exceed first-month interest. Fixed rate, no new borrowing or fees. Final payment may be smaller than the regular payment.

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Result

Enter your values and run the tool to see your result.

How to use this tool

Check the units, enter your values, and run the tool. Results follow the assumptions and method below.

Calculation method

Theoretical months without extrarate == 0 ? balance/payment : -log(1-balance*(rate/1200)/payment)/log(1+rate/1200)
Theoretical months with extrarate == 0 ? balance/(payment+extra) : -log(1-balance*(rate/1200)/(payment+extra))/log(1+rate/1200)
Number of payments with extraceil((rate == 0) ? balance/(payment+extra) : -log(1-balance*(rate/1200)/(payment+extra))/log(1+rate/1200))

References