What does this tool do?
A fixed payment reduces a balance slowly at first, then faster as interest shrinks. This calculator converts a payoff schedule into an actual date so you can plan around it.
The Formula
n = −ln(1 − rB ÷ P) ÷ ln(1 + r), where r = APR ÷ 12Frequently Asked Questions
Why does the date move so much when I add $50?
Near the end of a payoff schedule most of each payment is principal, so small increases shorten the tail substantially.
What date should I enter?
Use the month of your next payment. The result is approximate to the month, and statement timing can shift the exact day.