How this calculator works
Enter the current balance, annual percentage rate and monthly payment. The calculator applies monthly interest and reduces the balance with each payment.
Formula
Each month: new balance = previous balance + interest − payment
When to use it
Compare minimum-style payments with a fixed higher payment to see how dramatically payoff time can change.
Important
This calculator is for estimation and planning. Actual financial outcomes can differ because of taxes, fees, timing, market conditions, lender terms and other factors.