InstalmentLoans

Loan Payoff Calculator

A loan payoff calculator estimates how many months remain until a loan is cleared and how much interest you still pay. Enter the current balance, representative APR and monthly repayment, and add an optional overpayment to see the difference.

By the InstalmentLoans Editorial Team · Last updated 2 October 2026

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Enter your numbers and press Calculate. Nothing you type leaves your browser.

How this calculator works

If you already know your balance, rate and the amount you repay each month, this calculator estimates how long until the loan is cleared.

The payoff time comes from rearranging the repayment formula:

n = -ln(1 - r * B / M) / ln(1 + r)

Total interest equals M * n - B. If the repayment is less than or equal to the interest charged in a month, the balance never falls and the loan is never cleared; the calculator reports that instead of returning a number.

Only your lender's settlement figure is exact, and some loans charge an early repayment charge.

Frequently asked questions

How do I find my remaining balance?
Your current balance appears on your monthly statement or in your online account. Use the settlement or payoff balance rather than the original loan amount.
Why does the calculator say my loan never clears?
When the monthly repayment is smaller than the interest charged that month, none of it reduces the balance. Increase the repayment above the monthly interest to make progress.
Do overpayments shorten the payoff?
Yes. Any amount paid above the scheduled repayment goes towards the capital, which lowers the balance and reduces both the payoff time and the total interest.
Is there a charge for clearing my loan early?
Some UK loans carry an early repayment charge. Ask your lender for a settlement figure, which shows the exact amount needed to clear the loan on a given date.

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