A Loan Payoff Calculator
for Windows

An extremely flexible calculator for Windows computers.

  • Works like the free online calculator.
  • Loans or payments can be regular or irregular
  • Create and print amortization schedules.
  • Exact date payments and balance calculations.
  • Save your data to disk for later use.

Suitable for auditors, accountants, lawyers and you!

Do you owe money, or does someone owe you money?

And do you want to track payments on the date paid and recalculate or confirm a debt balance?

That's exactly what the Ultimate Loan Payoff Calculator (ULPC) will do for you.

And unlike other online payoff calculators, this calculator will track payments made on any date, and calculate an exact balance. Need to know the payoff amount for a loan as the twentieth of the month? This calculator will handle the task easily.

What if the borrower missed a payment?

Or what if they made an extra principal payment?

Or what if the interest rate changes?

Once again, no problem. The below calculator will handle any of these scenarios with ease.

Further, not only will you know the exact balance, you'll be able to create and print a detail amortization schedule complete with payment dates, subtotals, and running totals.

For best results, turn your device   
Idx No Series Date Amount # Periods Frequency End Date Series Options cmpFreq specialSeriesType SpecialSeriesStruct


  Original Size  

Calculating a loan payoff amount as of a specific date is easy with this calculator. The calculator considers all on time late, missed and extra payments. It can also accommodate payment and interest rate changes.

  • The Ultimate Loan Payoff Calculator will do the job if you are searching for any of these calculators:
    • loan repayment calculator
    • mortgage payoff calculator
    • student loan repayment calculator
    • home loan repayment calculator
    • car loan repayment calculator
    • debt payoff calculator
    • debt repayment calculator
    • or any early loan payoff calculator

This example also applies to our online Ultimate Financial Calculator. The C-Value! program for Windows works in a similar way and has a few more features including the ability to save your work.

All users should work through the first tutorial to understand basic concepts about the calculator.

Step-by-Step — Calculate a loan payoff amount or exact date balance

To calculate a mortgage or loan balance and record payments as they are made, follow these steps:

  1. Set "Schedule Type" to "Loan"
    • Or click the [Clear] button to clear any previous entries.
    • The top two rows of the grid will not be empty
    • Delete the 2nd row by selecting it and clicking on the [Delete] button
  2. Set "Rounding" to "Open balance — no adjustment" by clicking on {Settings} {Rounding Options}
    • This setting is what allows you to enter single payments
    • Any other setting forces the calculator to adjust the final payment so the balance is zero
  3. Set the "Days Per Year" option to "360 Days Per Year" by clicking on the {Setting} {360 / 365 Days}
  4. In the header section, make the following settings:
    1. For "Calculate Method" select "Normal".
    2. Set "Initial Compounding" to "Monthly".
    3. Enter 5.25 for the "Initial Interest Rate".
  1. In row one of the cash flow input area, create a "Loan" series
    1. Set the "Date" to February 16
    2. Set the "Amount" to 5,250.00
    3. Set the "# Periods" to 1
      • Note: Since the number of periods is 1, you will not be able to set a frequency. If a frequency is set, it will be cleared when you leave the row
  • Frequently, the next step is to calculate the regular, periodic payment amount if you don't already know it. For this example, we'll assume that the payment has not yet been determined. If the payment has been agreed to, you can skip to step #8.
  • The borrower has agreed to pay the loan back in 24 equal payments due at monthly intervals. What is the payment amount?
  1. Enter known payment details in second row
    1. Set the series to "Payment"
    2. Leave the "Date" set to March 16
    3. In the "Amount" column type "U" for "Unknown"
    4. Set the number of periods to 24
    5. Set Frequency to "Monthly". (The "End Date" will be February 16.)
  • Your screen will now look like this:
Calculate periodic payment
Calculating the periodic payment
  1. Click the "Calculate" button
    • The expected, periodic payment is $230.91
Calculated periodic payment
Expected periodic payment
  • Now we can start recording payments as they are received. Because we calculated the payment amount assuming 24 payments, we need to edit row #2:
  1. The 1st payment is received on time. Click on row #2
    1. Select "Payment" for the series
    2. Leave the date set to March 16
    3. In the "Amount" column enter $230.91
    4. Enter "1" for "# Periods" (recording 1 payment)
  • Assume the next 3 payments are also received on the due date and for the amount due but you fell behind in recording them in the calculator. It is easy to catch up:
  1. Click on row 3
    1. Select "Payment" for the series
    2. Set the date to the April 16
    3. In the "Amount" column enter $230.91
    4. Enter a "3" under "# Periods"
  • Your screen should now look like this:
Three scheduled payments
Three on time payments.
  • So far, all payments have been received for the amount due and on the due date. Let's check out the loan payoff amount after these 4 payments are made:
  1. Click on the "[Schedule]" button
    1. As of June 16, the payoff amount is $4,412.77
Loan payoff check
Payoff amount after four payments.
  • The borrower is reliable and not only does he pay the 5th payment early, he also pays an extra $100.
  1. Normal payment plus an extra payment. To record this:
    1. Click on the fourth row. Set the series to "Payment"
    2. Set the date to "July 10"
    3. Set the "Amount" to $330.91. (Includes the extra $100.00.)
    4. Set the "# Periods" to 1
  • So much for the debtor being reliable.
  1. Missed payment followed by under payment:
    1. Click on the fifth row. Set series to "Payment"
    2. Set the date to "September 16"
    3. Set the "Amount" to "$180.91"
    4. Set the "# Periods" to 1
  • After making 4 regular payments, as well as one early payment with an extra $100.00, missing a payment and making a payment that is short by $50.00, your cash flow data screen will look like this:
Five payments
An extra payment. Missed payment. And short payment.
  • Note: It is not necessary to enter a '0.00' for the missed payment. But it can be done as a matter of record keeping. Doing so, explicitly acknowledges that a payment was missed and it also forces the balance to be calculated on the amortization schedule as of the date of the missed payment.
  • Note: Interest is being calculated through August 16 and it is being added to the balance.
  • Your borrower is in need of additional cash. You agree to lend it to them and add it to the loan balance.
  1. Add an additional loan
    1. Click on the empty row after the last payment. This will be row six
    2. Select "Loan" for the series
    3. You will make the funds available on October 1st. Enter October 1 in the Date column
    4. In the "Amount" column enter the new loan amount $1,000.00
    5. You are making one loan. Enter a "1" for "# Periods"
  • Since there is a new loan amount, you want to calculate a new payment amount. Also, the borrower has agreed to pay the loan off in 18 more payments.
  1. Adjust payment due to new borrow
    1. Click on the empty row after loan just entered
    2. Select "Payment" for the Series
    3. The payments will continue to be due on the 16th of each month. Set the "Date" set to "October 16"
    4. In the "Amount" column type "U" for "Unknown".
    5. Set the "# Periods" to 18
    6. Set "Frequency" to "Monthly"
  • Before clicking "Calculate", your screen will look like this if you've been following along:
New loan and payment adjustment
Additional loan and payment adjustment.
  1. Click "[Calculate]"
    • The new payment will be $286.78
Payment adjustment
Payment adjustment result.
  1. Next, borrower pays the full payment amount, however he does pay two days late:
    • Edit the payment in row 7.
    1. Leave "Series" set to "Payment
    2. Change the "Date" to "October 18"
    3. Since the full payment is paid, leave the amount as it is, $286.78
    4. Only one payment is being made. Change the "18" to "1" in the "# Periods" column
Resume payments
Resume entering payments
  • Continue to enter payments (and loan advances) as they are received until the loan is paid off. Remember, you may enter "0.00" payment amounts on any date to calculate the payoff as of the date entered.

8 Comments on “Loan Payoff Calculator”

financial online calculator Join the conversation. Tell me what you think.
  • I hit a snag. When I follow the tutorial and click on “Calculate,” this message comes up:

    “APR” cannot be calculated when “Rounding” (under “Settings”) is set to “Open Balance”. “APR” calculation can be turned off under “Loan Options”.

    When I go to Loan Options, I see no reference to APR and so no way to turn it off.

    What am I missing? Thanks for an excellent website!

    • Hi Bill, first I’m sorry I missed your post. I try to answer all questions in less than 24 hours and I see that I missed yours from Sunday (my time).

      Thank you for bringing this issue to my attention. I need to update the instructions or change the calculator defaults.

      To fix this…

      Go to "Settings". Click on "Analytics" and uncheck the "Include internal rate of return (IRR) on schedule"

      You may also need to turn off "Include Regulation “Z” APR Disclosure calculation in schedule?" Click on "Loan Options" in the first row to access.

      (Thanks for the compliment.)

  • Judy Krawiec says:

    I hit a snag When I followed the tutorial on an amortization schedule to calculate adding additional money to Principal each month to gain Equity quicker, payoff the mortgage sooner & get rid of MI as fast as you can.

    I followed all of the tutorial and the message I got was that a number larger than “1” had to be in the field that I am directed to put UNKNOWN in the field (# of periods).

    I honestly would love to understand what each field is “Happy” with. This is an amortization that I try and instill in all my clients. Builds Financial Stability and Credit.

    Thanks so much!

    • Several things, first, I need to change some of the default settings so that users do not run into warning messages. You didn’t mention any issue around these items, but I recommend that you:

      Go to “Settings”. Click on “Analytics” and uncheck the “Include internal rate of return (IRR) on schedule”

      You may also need to turn off “Include Regulation “Z” APR Disclosure calculation in schedule?” Click on “Loan Options” in the first row to access.

      For your specific item with the number of periods, you can enter UNKNOWN if the values for the other columns are entered. EXCEPT, if you are also trying to set a special series (Cash Flow Options) in that row, then the number has to be greater than 1 to open the Cash Flow Options window. Then, once you’ve made your selection, and closed the window, then you can go back and set the number of payments to UNKNOWN. (Yes, I could design this better.)

      If this does not get you going, then please tell me what tutorial you are following and what specific step you get stuck on.

      The calculator absolutely works. The problem is, I need to get the kinks out of the documentation, because there are some quirks.

  • Hi, I am trying to setup the calculator for a loan payoff that has fixed monthly principal payments and 1 yearly payment of the interest due. I tried setting up the principal first series with an additional payment at the end of the year where I changed the cash flow option to interest only, but that seems to add more interest than what is actually due. Any tips?

    • The thing with calculators is "it seems" isn’t valid. It either is, or isn’t. 🙂

      Are you saying the other payments are as you want them, and it’s just the interest only payment that’s a problem?

      If you want to send the exact details, I’m happy to take a look. However, please note, if you have an interest rate that is not 0%, and the other payment are paying only the principal, when it comes time to pay the interest payment, the interest amount will equal the accrued interest since the beginning of the year.

  • Irene von Engelhardt says:

    Hi, Im having a problem My borrower has to pay an annual payment over 10 year
    period, but he pays different amounts during the year, which calculator is best to use. ?

    • This calculator will track the loan balance for you. Have you tried it? Do you have any questions? I’ll be happy to try and answer them.

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