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LoanPayoff
Balance + rate + monthly payment = your exact payoff date and total interest.
Each payment covers that month's interest first, then reduces the principal. Early payments are mostly interest; later payments are mostly principal. On a $35,000 loan at 5.5%, a $400/month payment takes 106 months and costs $7,300 in interest. Paying $500 instead cuts it to 82 months and saves $2,600.
If your monthly payment is less than one month's interest (balance × rate / 12), your loan balance grows every month instead of shrinking — called negative amortization. The calculator warns you when this happens and shows the minimum payment needed to make progress.
What you entered
Monthly interest rate
5.5% ÷ 12= 0.4583%Months to pay off
iterative amortization at $400.00/mo= 113 months (9.4 years)Total paid
113 payments= $44,835.30Total interest
$44,835.30 − $35,000.00= $9,835.30Result
Payoff time: 113 months
Paying $400/month on a $35,000 loan at 5.5% APR, you'll be debt-free in 113 months (9.4 years), paying $9,835 in interest.