Loan Payoff Calculator
Enter your loan amount, interest rate and term to see your monthly instalment, total interest and full payoff time. Add an optional extra monthly payment to see how much faster and cheaper you could clear it.
How this calculator works
The monthly instalment uses the standard amortising-loan formula. Each month, part of your payment covers the interest charged on the remaining balance and the rest reduces the principal. As the balance falls, more of every payment goes toward principal, which is why an extra payment early on saves so much interest.
Good to know
Results are estimates for planning only and assume a fixed interest rate and equal monthly payments. Banks may apply fees, insurance or a different compounding method, so your actual instalment can vary. Always confirm the final figures with your lender before committing.