How the remaining balance is worked out
The calculator finds your monthly payment from the loan amount, note rate ÷ 12 and term. The remaining balance is the present value of the payments still to come.
Worked example
You borrowed $20,000 at 9% for 5 years, paying $415.17 a month from January 1, 2025. After 18 payments you owe $14,910.19. You've paid $5,089.81 of principal and $2,383.20 of interest. 42 payments are left, with $2,526.83 of interest to come, and the last is due December 1, 2029.
Balance or payoff amount?
Your payoff amount adds the daily interest since your last payment, and any prepayment penalty in your contract, to the principal balance.
To estimate a payoff amount, use the US loan prepayment penalty calculator .
What this calculator assumes
A fixed note rate, every payment made on its due date and no extra payments. On a simple interest loan, paying early or late moves the balance slightly.
Borrowing in the UK?
The country choices above the inputs open separate local pages. UK loans quote an APR that already includes compounding, and a settlement figure replaces the payoff amount. Choosing United Kingdom opens that page and resets the inputs; amounts are not converted.
For a UK loan, use the UK loan balance calculator in pounds.
Inputs for the US remaining loan balance calculator
Original loan amount
How much you borrowed at the start, in US dollars.
Interest rate
The yearly note rate on your loan.
Original term
How long the loan was set up to run, in years.
Payments made so far
How many monthly payments you've already made.
First payment date
When you made your first payment. It dates the final one.
CALCULATOR QUESTIONS
US remaining loan balance calculator questions
How do I calculate the remaining balance on a loan?
Find the present value of the payments left at the note rate ÷ 12: payment × (1 − (1 + r)^−n) ÷ r, where n is the payments left.
Why is my balance falling so slowly?
Early payments are mostly interest. More of each payment goes to principal as the balance falls.
Is the remaining balance my payoff amount?
No. The payoff amount adds interest since your last payment and any prepayment penalty.
How can I pay my loan off faster?
Pay extra toward principal. Check that your lender applies it to principal and that there's no prepayment penalty.