Loan term calculator
If you know the payment you can afford, this tool tells you when the loan will be paid off.
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Processing and privacy: The result is calculated inside your browser and your data is not sent to any server.
How to use it
- Enter loan amount, annual interest rate and monthly payment.
- The result appears straight away and updates as you edit.
- Copy the result, or copy a link that keeps the same values to share it.
How it is calculated
Months = −ln(1 − r × P ÷ payment) ÷ ln(1 + r), rounded up. The payment must exceed the first month's interest (P × r), or the loan never ends.
Example
Inputs: Loan amount = 100,000, Annual interest rate = 6 %, Monthly payment = 1,000. Result: Number of payments: 139 months; Duration: 11 years 7 months; Final payment: 975.78.
Limits and caveats
- Assumes a fixed rate and the same payment every month.
- Lenders usually fix the term first, so they may adjust the payment to fit a whole number of months.
Questions about this tool
Why is the final payment smaller?
Your chosen payment does not divide the debt evenly, so what is left at the end is less than a full payment.
What does "does not cover the interest" mean?
If the payment is below one month's interest, the balance never falls and a higher payment is needed.
How much time does a higher payment save?
Try different values here, or use the extra payment calculator to see months and interest saved.