LoanCalculatorTools

Loan Balance Calculator

Find the remaining balance after a number of payments, how much has gone to interest, and how much is left to pay.

Last reviewed

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Free · No sign-up · Runs in your browser

The balance on a loan statement is a fact; understanding how it got there is not. After three years of a five-year loan, how much of what you have paid went to interest, and how much of the debt is actually gone?

This calculator answers both from the original terms and the number of payments made, and reports the share of the loan that has been paid off.

Your numbers

Results update as you type. Nothing is sent anywhere.

Result

Remaining balance

$11,435

Share paid off

54.26%

Principal paid
$13,565
Interest paid
$5,337
Payments remaining
24 months
Monthly payment
$525

This assumes every scheduled payment was made in full and on time with no extra principal.

A payoff quote from the servicer also includes interest accrued since the last payment and any payoff fee.

How to use the loan balance calculator

  1. Enter the original loan amount, rate and term.
  2. Enter the number of payments made so far.
  3. Read the remaining balance and the split between principal and interest paid.
  4. Compare against your statement - large differences usually mean different terms.

What people use this for

  • Checking a lender statement against the expected balance.
  • Working out equity built on a mortgage from payments alone.
  • Estimating a payoff figure before requesting one.
  • Understanding how much of what you have paid was interest.

Worked examples

Every figure below is produced by running this calculator against the example inputs, so the numbers always match the tool.

Three years into a five-year loan

$25,000 at 9.5% over 5 years after 36 payments.

Remaining balance
$11,435
Principal paid
$13,565
Interest paid
$5,337

Seven years into a thirty-year mortgage

$320,000 at 6% over 30 years after 84 payments.

Remaining balance
$286,846
Share paid off
10.36%
Interest paid
$128,005

Seven years in and barely a tenth gone

The second example is the one worth sitting with. Seven years into a thirty-year mortgage - almost a quarter of the term - the balance has fallen by roughly eleven percent of the original amount, and interest paid vastly exceeds principal.

This is not a defect in the loan; it is how amortisation works when interest is charged on a large balance for a long time. It is also why the first years of a mortgage build equity mainly through the deposit rather than through payments.

A payoff quote is not the balance

The balance shown here is the scheduled figure after the stated payments. An actual payoff quote adds interest accrued since the last payment and any payoff or administration fee the lender charges.

For anything more than an estimate - a sale, a refinance, a settlement - request a formal payoff quote with a stated valid-until date.

Methodology and assumptions

What this calculator does, and what it deliberately does not do.

  • The full schedule is built from the original terms, and the balance is read at the payment number specified.
  • It assumes every scheduled payment was made in full and on time with no extra principal.
  • A formal payoff quote also includes accrued interest since the last payment and any payoff fee.
  • Results are estimates. Real quotes depend on credit, income, property, loan programme and lender pricing at the time of application.
  • Nothing you type is transmitted or stored - the calculation runs entirely inside your browser.

This calculator is provided for informational and educational purposes only. Results are estimates and may not reflect actual rates, fees, taxes, or market conditions.

This website is not a lender, a mortgage broker or a financial adviser. It does not originate loans, does not accept applications and does not forward your details to anyone.

Actual loan terms depend on credit history, income, the property, the loan programme and lender pricing at the time of application. Only a lender can tell you what you qualify for.

Frequently asked questions

Why does my statement show a different balance?

Extra payments, missed payments, fees added to the balance or a different rate all cause differences. The statement is authoritative.

How do I get an exact payoff figure?

Request one from the lender. It is calculated to a specific date and typically valid for a limited period.

Does this account for extra payments made?

No. It assumes the scheduled payments only. Use an extra payment calculator to model overpayments.

Is the balance the same as what I owe?

Close, but a payoff also includes interest accrued since the last payment and any fees. It is normally slightly higher.

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