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
| Field | What to enter |
|---|---|
| Original loan amount | Amount in your currency |
| Interest rate | In % |
| Loan term | Units: years, months |
| Payments made | A 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 amount | Remaining balance |
|---|---|
| 15,000 | 9,619.36 |
| 22,500 | 14,429.04 |
| 30,000 | 19,238.72 |
| 37,500 | 24,048.41 |
| 45,000 | 28,858.09 |
| 60,000 | 38,477.45 |
Formula
Payment = pmt(i, n, L)Balance after k payments = L(1 + i)^k − payment × ((1 + i)^k − 1) ÷ iInterest paid = payment × k − (L − balance)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.
Frequently asked questions
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).