Loan Payoff Date Calculator
Find out when any fixed-rate loan will be paid off — personal, auto, student, or HELOC — or what monthly payment you need to hit a target date. Pick the compounding frequency your lender uses and see a full year-by-year amortization.
Year-by-year amortization
| Year | Paid | Interest | Principal | Balance |
|---|---|---|---|---|
| ▸ 2026 | $3,200 | $1,081 | $2,119 | $17,881 |
| ▸ 2027 | $4,800 | $1,389 | $3,411 | $14,470 |
| ▸ 2028 | $4,800 | $1,088 | $3,712 | $10,758 |
| ▸ 2029 | $4,800 | $759 | $4,041 | $6,717 |
| ▸ 2030 | $4,800 | $402 | $4,398 | $2,320 |
| ▸ 2031 | $2,377 | $57 | $2,320 | $0 |
How loan payoff math works
Every fixed-APR loan follows the same shape. Each period, the lender multiplies your remaining balance by a periodic interest rate and adds the result as an interest charge. Your payment is applied to that interest first; whatever's left chips away at the principal. Repeat until the balance reaches zero.
The number of months it takes to clear a balance at a fixed monthly payment is given by:
n = −log(1 − i × P ÷ PMT) ÷ log(1 + i)
Where P is the balance, i is the monthly periodic rate, and PMT is your monthly payment. The compounding-frequency dropdown changes how iis derived from your APR — for monthly compounding it's simply APR ÷ 12; for daily and annual compounding we convert to the equivalent monthly rate that produces the same effective annual yield. The formula only has a solution when PMT > P × i; pay less than that and the balance grows.
To go the other direction — solving for the payment that finishes in n months — we rearrange to PMT = P × i × (1 + i)ⁿ ÷ ((1 + i)ⁿ − 1).
Which compounding frequency should I pick?
Look at your loan agreement — it'll say something like "interest accrues daily" or "compounded monthly." A few rules of thumb:
- Monthly: most personal loans, HELOCs in repayment, and traditional installment loans.
- Daily: most federal student loans and many auto loans (though auto lenders use daily simple interest, which is close but not identical to daily compounding).
- Annually: rare in consumer lending — mainly some private notes and bonds.
The choice doesn't change your APR; it changes the effective amount of interest accrued per month. For a 5-year loan at 8% APR, daily vs. monthly compounding differs by roughly a few dozen dollars in total interest.
Frequently asked questions
How long will it take to pay off a personal loan?
It depends on the balance, the APR, and how much you pay each month. A $20,000 personal loan at 8.5% APR with a $400 monthly payment takes about 5 years and 1 month to pay off, with around $4,500 in total interest. Lower the payment and the timeline stretches out; raise it and the interest cost drops disproportionately because every extra dollar is pure principal that stops accruing interest. Use the calculator above to plug in your own numbers.
How long to pay off an auto loan?
Most auto loans are written for 36, 48, 60, 72, or 84 months and amortize at a fixed APR. If you're partway through and want to know your remaining timeline, enter your current balance, APR, and monthly payment. Note that auto lenders often use daily simple interest rather than monthly compounding — set the compounding dropdown to Daily for a closer estimate. (A dedicated auto loan calculator with full daily simple-interest math is on the way.)
How long will it take to pay off a student loan?
Federal student loans use daily compounding on the principal at a fixed rate; private loans vary. For a quick standard-repayment estimate, set compounding to Daily and enter your balance, APR, and monthly payment. The calculator does not model income-driven repayment caps, deferment, or interest subsidies — for that, watch for the dedicated student loan tool.
How long to pay off a HELOC?
Once a HELOC enters its repayment phase (typically after a 5- or 10-year draw period), it amortizes like any other fixed-payment loan. Most HELOC lenders compound monthly. Enter your remaining balance, your current rate, and your monthly payment to see when the line will be cleared. Note: HELOC rates are usually variable; this calculator assumes the rate you enter holds for the entire payoff.
What does compounding frequency change?
Compounding frequency determines how often interest is added to your balance. For a given APR, daily compounding accrues slightly more interest than monthly, which accrues more than annual. The differences are small — at 8% APR, daily vs. monthly is about 0.03 percentage points of effective annual rate — but they add up over a 5- or 10-year loan. Pick the frequency your lender actually uses (it's in your loan agreement) for the most accurate result.
Related debt tools
Credit Card Payoff Calculator
Same math, tuned for revolving credit and high APRs.
Auto Loan Payoff
Coming soonDaily simple-interest math the way auto lenders actually accrue.
Student Loan Payoff
Coming soonFederal vs private repayment with optional income-driven cap.
Compound Interest Calculator
The same math from the savings side — what compounding does for you.
Estimates are educational only. The calculator assumes a fixed APR and end-of-month payments. Auto loans using daily simple interest, student loans with deferment or income-driven repayment, and variable-rate loans may produce slightly different real-world payoffs.