Loan Payoff Calculator
See your monthly payment, total interest, and full payoff timeline for any fixed-rate loan.
How it works
Enter the loan amount, annual interest rate, and term in years. The calculator uses the standard fixed-rate amortization formula to work out the equal monthly payment that pays off both principal and interest by the end of the term, then totals how much you'll pay overall and how much of that is interest.
Frequently asked questions
How is the monthly payment calculated?
It uses the standard fixed-rate amortization formula, which spreads principal and interest across equal monthly payments over the loan term.
Does this work for mortgages and auto loans?
Yes, it works for any fixed-rate, fully amortizing loan, including personal loans, auto loans, and mortgages. It doesn't account for extra fees like PMI or closing costs.
What does "total interest" mean?
It's the total amount you'll pay in interest over the full life of the loan, on top of repaying the original amount borrowed.