📊 Loan Balance Calculator
Calculate remaining loan balance
Number of payments made
How to Use This Calculator
Enter Original Loan Details
Input the original loan amount, interest rate, and loan term (in years).
Enter Payment Information
Enter the number of months you've made payments and your monthly payment amount.
Review Remaining Balance
See your remaining loan balance, remaining months, principal paid, and interest paid so far.
Formula
Remaining Balance = P × (1 + r)ⁿ - PMT × [(1 + r)ⁿ - 1] / r
Where:
• P = Original loan amount
• r = Monthly interest rate (Annual Rate ÷ 12)
• n = Number of payments made
• PMT = Monthly payment
Example Calculation:
If original loan $100,000, rate 5%, term 30 years, 60 months paid, payment $537:
• Monthly rate = 5% ÷ 12 = 0.4167%
• Remaining balance: ~$93,054
• Principal paid: ~$6,946
About Loan Balance Calculator
A loan balance calculator helps you determine the remaining balance on a loan after making a certain number of payments. This is useful for understanding how much principal you've paid off, how much interest you've paid, and how much you still owe. Knowing your remaining balance is important for refinancing decisions, prepayment planning, and understanding your loan progress.
When to Use This Calculator
- Refinancing Planning: Determine remaining balance before refinancing
- Prepayment Planning: See balance after extra payments
- Loan Progress: Track how much you've paid off
- Interest Analysis: See how much interest you've paid
Understanding Loan Balance
- Principal Reduction: Each payment reduces principal (early payments mostly interest)
- Amortization: Balance decreases over time as principal is paid
- Interest vs. Principal: Early payments are mostly interest, later payments mostly principal
- Extra Payments: Additional payments reduce balance faster and save interest
Why Use Our Calculator?
- ✅ Balance Tracking: See remaining balance at any point
- ✅ Progress Monitoring: Track loan payoff progress
- ✅ Refinancing: Determine balance for refinancing
- ✅ Interest Analysis: See total interest paid
- ✅ 100% Free: No registration or payment required
Frequently Asked Questions
How do I find my remaining loan balance?
You can find your remaining loan balance by: (1) Checking your most recent loan statement, (2) Calling your lender, (3) Using this calculator with your loan details, or (4) Logging into your lender's online portal. This calculator provides an estimate based on your loan terms.
Why does my balance decrease slowly at first?
In the early years of a loan, payments are mostly interest and little principal. This is due to loan amortization - the interest is calculated on the remaining balance, which is high initially. As you pay down principal, more of each payment goes toward principal and less toward interest.
How can I reduce my loan balance faster?
To reduce your loan balance faster: (1) Make extra payments toward principal, (2) Make bi-weekly payments (26 half-payments = 13 full payments/year), (3) Round up your payment, (4) Use windfalls (bonuses, tax refunds) for extra payments. Extra payments directly reduce principal, saving interest.
Should I pay off my loan early?
Paying off a loan early saves interest and gives you debt freedom. However, consider: (1) Do you have higher-interest debt to pay first? (2) Are there prepayment penalties? (3) Could you earn more investing the money? (4) Do you have an emergency fund? Generally, paying off high-interest debt is beneficial.