Calculator
Loan Repayment Time Calculator
Most calculators ask for a tenure and tell you the EMI. This one flips the question: you set a fixed monthly payment, and it tells you how many months the loan takes to clear, the total interest you pay, and the total amount repaid. It is built for borrowers who already know what they can pay each month and want to see how long they will be in debt — and how much extra a higher payment saves. Adjust the principal, annual rate, and monthly payment to see exactly how each one shortens or lengthens your repayment.
The outstanding loan balance you want to clear.
Annual rate as quoted by the lender.
The fixed amount you pay every month.
How your payments clear the debt
- Principal
- Interest
Assumes a fixed interest rate and the same payment every month with no missed payments. If the monthly payment is less than or equal to one month of interest, the loan never reduces and the result shows 0 — raise the payment. Excludes fees, penalties, and GST on charges.
What your result means
- Even a small extra monthly payment cuts the payoff time sharply, because every extra rupee attacks principal directly and erases all the future interest on it.
- If you have several loans, throw spare cash at the highest-rate one first while paying minimums on the rest.
- On floating-rate loans, prepayment usually carries no penalty — so windfalls and bonuses are best deployed here.
How to use this calculator
- Enter the current outstanding balance of the loan you want to clear.
- Enter the annual interest rate exactly as the lender quotes it — do not divide it yourself.
- Enter the fixed amount you can pay every month.
- Read the time to repay, then check total interest — that is the real cost of stretching the loan.
- Increase the monthly payment to see how much faster the loan clears and how much interest you save.
The formula
Months n = ln[ M ÷ (M − P × i) ] ÷ ln(1 + i), where P = principal, i = monthly interest rate (annual ÷ 12 ÷ 100), and M = monthly payment. This is valid only when M > P × i (the payment exceeds one month of interest). If i = 0, then n = P ÷ M. Total repaid = M × n, and total interest = (M × n) − P.
Worked example
On a ₹5,00,000 loan at 12% per year, paying ₹12,000 a month: i = 0.01/month, so one month of interest is ₹5,000. Since ₹12,000 comfortably exceeds ₹5,000, the loan clears in about 49 months (just over 4 years). You repay roughly ₹5,87,000 in total, of which about ₹87,000 is interest. Raise the payment to ₹15,000 and the loan clears in about 38 months with interest of roughly ₹66,000 — paying ₹3,000 more a month saves over ₹20,000 and nearly a year.
When to use it
- Working out how long you will be in debt if you pay a set amount each month.
- Seeing how much sooner a loan clears if you pay ₹2,000–₹5,000 more every month.
- Checking whether a comfortable payment will actually retire the loan, or only cover interest.
- Planning a payoff date for a personal or vehicle loan before committing to a budget.