Personal Loan Payoff Calculator
The Personal Loan Payoff Calculator shows how many months it takes to clear your remaining personal loan balance at your current payment, along with the total interest you will pay.
What this means
The payoff time depends on your balance, rate and payment. If your payment barely covers the monthly interest, the loan can take a very long time — or never be paid off.
How we calculate it
Formula
Payoff months = log(PMT / (PMT − P × r)) / log(1 + r) — where P is the balance, r the monthly rate and PMT the payment.Worked example
A $10,000 personal loan at 15% with a $350 monthly payment:
- 1Monthly rate = 15% / 12 = 1.25%
- 2Payoff months ≈ 37 months (about 3 years)
- 3Total interest ≈ $2,850
Important assumptions
- Payments stay constant and are applied monthly at period end.
- The rate is fixed and there are no late fees or penalties.
Frequently asked questions
How can I pay off my personal loan faster?
Make extra principal payments when possible, refinance to a lower rate, or shorten the term. Every extra dollar to principal skips future interest.
Is it better to pay extra or invest?
If your loan rate is high, paying it down is usually a guaranteed high return. For low-rate loans, investing may beat prepaying over a long horizon.
What happens if I miss a payment?
Interest still accrues, late fees may apply, and your payoff time extends. Pay on time to keep the schedule on track.