This free online Loan Balance Calculator will calculate the number of payments made and the amount you still owe on a loan -- based on the month and year of your first monthly payment.
Plus, the calculator also includes an option for displaying and printing a schedule of payments made, which includes the principal and interest breakdown for each payment.
Please note that this principal balance calculator is designed to handle loans with fixed monthly payments that are paid on time and without having skipped any payments. I am currently working on a variable payment loan balance calculator that will allow you to edit the payment amount for each payment made. Coming soon!
In case you're not familiar with how loans are amortized, it's important to understand that the amount you owe on a loan is not equal to the sum of the remaining payments.
For example, if you have 12 $100 monthly payments left to pay on a loan, the current payoff amount would be less than $1,200 (12 x $100). That's because if you pay off the loan today you will save 12-months of interest being charged on the declining balance.
Therefore, in order to know a loan's actual current payoff amount you will need to call your lender and ask -- especially if you haven't made all of the payments on their prescribed due dates.
Or, if you're just curious as the approximate payoff amount, you can simply use the calculator on this page.
With that, let's use the remaining balance calculator to calculate the payoff amount of an existing loan.
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Original principal amount borrowed: Enter the dollar amount of the original loan, otherwise referred to as the Principal.
Annual interest rate of the loan: Enter the annual interest rate you are paying on the loan balance. Enter as a percentage (for .06, enter 6%).
Monthly principal and interest payment amount: Enter the monthly principal and interest payment. If this is a home loan, be sure to exclude the insurance and tax portions of the monthly payment.
Month and year of first payment: Select the month and enter the 4-digit year you made the first payment. The remaining balance calculator will use the month and year to calculate the total number of payments made to date, and to create a schedule of payments made should you choose to have one included in the results.
Did you make this month's payment? If you have made the payment for the current month, select Yes, otherwise select No. Selecting Yes will increment the number of payments made by 1.
Number of payments made to date: This is the total number of months that have passed since the first payment was made (plus 1 for current month if so indicated).
Total principal and interest paid to date: This is the total of all monthly principal and interest payments made to date. This is equal to the monthly payment amount times the number of payments made to date.
Total interest paid to date: This is the total loan interest you have paid to date.
Total principal paid to date: This is the total principal you have repaid to date.
Estimated remaining balance (current payoff amount): This is the estimated remaining balance owed on your loan. Note that this may not match the actual remaining balance if payments were not made on their due date.