MoneyBasisLoan Payoff Calculator
What it estimates
This calculator estimates how long a loan may take to repay and how extra monthly payments can change payoff time and total interest.
How it calculates
Each month: interest = balance × r; principal = payment − interest.
Payoff time is simulated month by month. If the payment does not cover interest, the loan cannot be paid off.
Inputs
Balance · Interest rate · Monthly payment · Extra payment
Included / not modeled
Included
- Monthly interest on the remaining balance
- Regular and extra payments
Not modeled
- Fees
- Deferments
- Variable rates
Assumptions & limitations
- Interest is charged monthly on the remaining balance.
- Extra payments go entirely to principal.
- Fees, deferments and variable rates are not modeled.