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Loan Payoff Time
Calculates after how many years a loan is fully repaid at a given installment.
Enter your own numbers and press "Calculate" – or load an example on the right; "Type in" replays it on the device.
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What you learn
The installment determines the remaining term massively: just $100 more per month shortens the repayment by years and saves a lot of interest – a quick look at the duration pays off.
→ Story & full explanation: How long does the remaining repayment take?
Formula
n = ln(R/(R − D·i)) / ln(1+i), i = i_nom/m
How the formula works
Here too the term sits in the exponent and is solved via the logarithm. The key point: the more the installment exceeds the pure interest load (D·i), the faster the debt melts away – small installment increases shorten the duration disproportionately.
Solving the annuity formula for the term.
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