Loan Term Calculator
Find how long a loan takes to repay at a given payment, plus the total interest and the effect of paying a little more.
Quick answer
Loan term is the number of payments needed to repay a balance: n = -ln(1 - P x r / PMT) / ln(1 + r), where P is the amount, r the periodic rate and PMT the payment. If PMT is no more than P x r, the loan never ends.
Loan Term Calculator
Time to Repay
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Number of Payments
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Final Payment
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Total Paid
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Total Interest
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If You Pay More Each Period
| Payment increase | Payment (₹) | Time to repay | Total interest (₹) | Interest saved (₹) |
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Assumptions & method
- Number of payments n = −ln(1 − r × P ÷ A) ÷ ln(1 + r), where r = annual rate ÷ payments per year, P = balance and A = payment. At 0% it is P ÷ A.
- A solution exists only if A > r × P, the interest charged in the first period.
- Payments are equal, made at the end of each period, and the rate is fixed. The last payment is whatever is needed to clear the balance.
- Total interest = total paid − balance. Years and months are the number of payments converted using the payment frequency, rounded up to a whole month.
- Fees, insurance, rate changes, missed payments and balloon amounts are not included. Terms over 100 years are not calculated. Estimates only, not advice.
Results are estimates based on the figures you enter. They are not guarantees and not financial advice.
Working out how long a loan will last
If you know how much you owe, the interest rate and how much you can pay each period, the loan term follows from the payment formula. Each payment first covers the interest for the period and the rest reduces the balance. A higher payment shrinks the balance faster, so later interest is smaller and the loan ends sooner. The calculation uses logarithms to solve for the number of payments directly. If the payment is no larger than the interest charge, the balance never falls and the loan has no end, so the calculator warns you instead of giving a number.