# Loan Balance Calculator

URL: https://speedycalculator.com/calculators/finance/loan-balance/
Last updated: 2026-10-25

> The loan balance calculator works out the remaining balance on a loan after a number of payments – from the original amount, rate and term – along with the principal and interest paid so far and the payments remaining.

## Inputs

- Original loan amount
- Interest rate (%)
- Loan term (years, months)
- Payments made

## Results

- Monthly payment
- Remaining balance
- Principal paid
- Interest paid
- Payments remaining
- Interest still to pay

## Formula

```
Payment = pmt(i, n, L)
Balance after k payments = L(1 + i)^k − payment × ((1 + i)^k − 1) ÷ i
Interest paid = payment × k − (L − balance)
```

## Explanation

Knowing your remaining balance helps when refinancing, selling or deciding whether to pay off a loan early. Your lender's payoff quote will also include interest accrued since the last payment.

### How to use the Loan Balance Calculator

- **Original loan amount**
- **Interest rate**
- **Loan term**
- **Payments made**

Results update as you type, and every field accepts the units shown in its menu.

### How it works

Enter the original loan amount, interest rate, term and the number of payments made (or the payment amount if you know it).

### Tips

- Compare loans by APR and total cost, not just the monthly payment.
- Extra payments go straight to principal and can save a lot of interest.
- Pay off the highest-rate debt first if you want to save the most money.
- Check for prepayment penalties before paying a loan off early.

### Common mistakes to avoid

- Stretching a loan term to lower the payment without seeing the extra interest.
- Paying only the minimum on credit cards.
- Forgetting fees that are rolled into the loan.

### Inputs explained

FieldWhat to enterOriginal loan amountAmount in your currencyInterest rateIn %Loan termUnits: years, monthsPayments madeA number

### What each result means

- **Monthly payment** = pmt([Interest rate]÷1200, [Loan term], [Original loan amount])
- **Remaining balance** = max(bal([Original loan amount], [Interest rate]÷1200, [Loan term], min([Payments made], [Loan term])), 0)
- **Principal paid** = [Original loan amount] - [Remaining balance]
- **Interest paid** = [Monthly payment]×min([Payments made], [Loan term]) - [Principal paid]
- **Payments remaining** = max([Loan term] - [Payments made], 0)
- **Interest still to pay** = [Monthly payment]×[Payments remaining] - [Remaining balance]

### Example values

How the main result changes when **Original loan amount** changes and everything else stays at the example values above:

Original loan amountRemaining balance15,0009,619.3622,50014,429.0430,00019,238.7237,50024,048.4145,00028,858.0960,00038,477.45

## Worked example

Inputs — Original loan amount: $30,000; Interest rate: 7 %; Loan term: 5 years; Payments made: 24.

Results — Monthly payment = $594.04; **Remaining balance = $19,238.72**; Principal paid = $10,761.28; Interest paid = $3,495.59; Payments remaining = 36; Interest still to pay = $2,146.57.

## FAQ

**How do I find my loan balance?**
Check your statement, or calculate it from the original loan, rate and payments made.

**Is the payoff amount the same as the balance?**
Payoff adds interest accrued since the last payment and any fees.

**Why has my balance fallen so slowly?**
Early payments are mostly interest.

**What formula does the Loan Balance Calculator use?**
Payment = pmt(i, n, L).


## Sources

- [Consumer Financial Protection Bureau](https://www.consumerfinance.gov/)