Calculate Number Of Months To Pay Off Loan

When you make monthly payments on a loan it helps to know how long you have left to pay it off so you can better budget your money. Use this calculator to determine how much longer you will need to make these regular payments in order to eventually eliminate the debt obligation and pay off your loan.

How To Calculate The Number Of Months Until A Loan Is Paid

calculate number of months to pay off loan

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By making consistent regular payments toward debt service you will eventually pay off your loan.

Calculate number of months to pay off loan. For example if you have 12 100 monthly payments left to pay on a loan the current payoff amount would be less than 1200 12 x 100. Find your ideal payment by changing loan amount interest rate and term and seeing the effect on payment amount. In the example shown the formula in c10 is.

By using a formula and some basic information about your loan you can calculate the number of months until youre free of the debt. Using the numbers in the screenshot above 10000 loan 500 monthly payment 10 apr the number of payments ends up to be 2197 which means that payment number 22 is slightly less than the rest. Then n will be the number of months you will take to pay off the loan.

Thats because if you pay off the loan today you will save 12 months of interest being charged on the declining balance. Alicia bodine certified ramsey solutions master financial coach. Select the month and year of your payoff goal or you can enter the number of months.

How long until my loan is paid off. Where pmonthly payment nnumber of payments from above formula and aloan amount principal. How to calculate the number of years required to pay off outstanding loans.

I need a formula to calculate the number of months it will take to pay off a loan given interest rate balance and the amount of payments. Use this loan calculator to determine your monthly payment interest rate number of months or principal amount on a loan. This calculator will calculate the monthly payment required to pay off a given debt within the length of time you specify.

To calculate the number of payment periods for a loan given the loan amount the interest rate and a periodic payment amount you can use the nper function. Updated july 21 2019.

Excel Tip Determining The Remaining Length Of A Loan Using