A worked example
A $15,000 balance at 8%, paid down at a fixed $400 a month, clears in 44 months — just under 4 years — and costs about $2,319 in interest along the way.
Frequently asked questions
How is this different from the standard Loan Calculator?
The Loan Calculator computes the payment a lender's amortization schedule requires. This works the other way — you set whatever payment you actually plan to make, and it tells you how long that really takes.
Why would my chosen payment differ from the lender's scheduled one?
Plenty of borrowers pay more than the minimum to finish early, or occasionally need to know what happens at a lower payment during a temporary cash crunch — this lets you test either scenario.
This calculator provides estimates for general informational purposes only and is not financial advice.