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The remaining balance calculator calculates a loan's principal balance after a particular payment number. It is not the loan balance at the time a payment is due. This is an important distinction that you should understand. More below...»

Will making small, extra payments save me money?
Our Extra Payment Calculator will create an amortization table and show you the interest saved.
Will paying half the monthly payment every other week save interest charges?
Check out our Biweekly Loan Calculator to find out.
Enter a "0" (zero) for one unknown value above.

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The key to understanding the distinction is understanding accrued interest. On the day a payment is made, the amount due on the loan is the balance as shown on the amortization schedule. That's the remaining balance, and that's what this calculator is calculating. But, one day after the payment is paid, the balance is no longer the same as it was the day before. There is one day's interest due on the prior day's balance. This is the accrued interest. Interest will accrue each and every day until the next payment. Then, once again, when the payment is paid, the payment will go toward paying this accrued interest with the remainder being applied to principal and the balance due on the loan being the balance shown on the amortization schedule (plus or minus a small rounding adjustment).

If you want to know the loan pay off amount (balance), including the period's accrued interest, meaning the total balance on a day when a payment is due, then use the balloon payment calculator. A balloon payment is equal to the prior period's loan balance plus the accrued interest.

If you want to confirm a loan payoff amount for a repayment on any date including the impact of possible interest rate changes, late or missed payments and extra payments then use the Time Value of Money Calculator and see this step-by-step tutorial:

  • Loan Payoff Calculation — Calculate Loan Balance
    • Enter payments for any amount on date made — audit balance due
    • Use the TVM calculator as an exact:
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  • A debt is a debt. A loan is a loan. And while some loans may have special provisions, the time value of money calculator will calculate the loan repayment amount considering the payments actually made for any loan, regardless of what you call it.

    Remember, there are a lot of financial calculators on this site. If you can't find exactly what you need, just ask. Remaining balance and loan payoffs are critically important calculations and this site is here to help. Whether you hold the debt or are the borrower, "don't under collect, don't over pay".

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