Loan Balance Calculator - Calculate Remaining Loan Balance

Amortization Schedule

FAQ

How Is My Remaining Loan Balance Calculated?

Your remaining balance is calculated by determining how much principal has been paid off through your monthly payments and subtracting that from your original loan amount. Each payment consists of both principal and interest, with the proportion changing over time.

Why Is My Loan Balance Different From What I Expected?

Early in your loan term, a larger portion of each payment goes toward interest rather than principal. As time progresses, more of your payment goes toward reducing the principal balance. This is why your balance may decrease slowly at first.

Can I Pay off My Loan Early?

Most loans allow early payoff, but some may have prepayment penalties. Check your loan agreement or contact your lender. Making extra payments toward principal can significantly reduce total interest paid and shorten your loan term.

What's the Difference Between Remaining Balance and Payoff Amount?

The remaining balance is the principal still owed, while the payoff amount includes the remaining balance plus any accrued interest up to the payoff date, and potentially fees or penalties.

References

For more information about loans and personal finance, consult these authoritative resources:

• Consumer Financial Protection Bureau - Understanding Your Loan
• FDIC - Money Smart Financial Education
• USA.gov - Managing Debt
• Federal Reserve - Consumer Credit Information
• Federal Trade Commission - Consumer Protection