This calculator will tell you how many payments it will take to payoff a loan.
Explanation of Terms Loan Balance – The remaining principal balance left on your loan Monthly Payment – The amount of the payment you are putting towards your loan each month APR – The annualized interest rate you are being charged on the loan
Say you have a loan for $10,000 at an interest rate of 6%. If you make monthly payments of $250 how many payments will it take to payoff the loan? In this example the loan balance is 10000. The monthly payment is 250 and the interest rate is 6. In this example it would take 45 payments to payoff the loan. Now let’s say you increase the payment up to $300, how will that effect the number of payments? Increasing the payment would decrease the number of payments to 37.