Calculate how many months it will take to fully repay your loan based on the loan amount, interest rate, and your monthly payment
This calculator determines how many months it will take to repay a loan based on the loan amount, annual interest rate, and monthly payment amount.
The calculation uses the formula for the number of periods in an annuity:
Where:
If the monthly payment is less than or equal to the accrued interest, the loan will never be fully repaid, and the calculator will display an error message.
Understanding your repayment timeline helps you:
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Find OffersIf your monthly payment is less than or equal to the monthly interest accrued, your loan balance will never decrease. In fact, it may continue to grow. You'll need to increase your monthly payment to make progress on paying down the principal.
Yes, making extra payments can significantly reduce your repayment time and the total interest paid. Even small additional payments applied directly to the principal can make a big difference over the life of the loan.
Higher interest rates mean more of your payment goes toward interest rather than principal, extending your repayment period. Even a small difference in interest rate can add months or years to your loan term and significantly increase the total amount you pay.
This calculator provides a close estimate of your repayment timeline. Actual results may vary slightly based on your lender's specific calculation methods, payment processing dates, and whether interest is compounded daily or monthly.
The principal is the original amount you borrowed. Interest is the cost of borrowing that money, calculated as a percentage of the principal. In the early stages of a loan, most of your payment goes toward interest rather than reducing the principal.
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