Auto Loan Payment Date Calculator

Auto Loan Payoff Date Formula:

\[ m = \frac{-\log(1 - (RB \times r) / PMT)}{\log(1 + r)} \]

Remaining Periods (m):

Unit Converter ▲

Unit Converter ▼

From:	To:

1. What is the Auto Loan Payoff Date Calculator?

The Auto Loan Payoff Date Calculator estimates how many months remain until your auto loan is fully paid off based on your current remaining balance, monthly payment, and interest rate.

2. How Does the Calculator Work?

The calculator uses the loan payoff formula:

\[ m = \frac{-\log(1 - (RB \times r) / PMT)}{\log(1 + r)} \]

Where:

$ m $ — Number of remaining periods (months)
$ RB $ — Remaining balance on the loan ($)
$ PMT $ — Monthly payment amount ($)
$ r $ — Monthly interest rate (decimal)

Explanation: The equation calculates how many payment periods are needed to pay off the remaining balance at the current payment rate and interest.

3. Importance of Payoff Date Calculation

Details: Knowing your payoff date helps with financial planning, refinancing decisions, and understanding the true cost of your auto loan.

4. Using the Calculator

Tips: Enter your current remaining balance, monthly payment amount, and monthly interest rate (annual rate divided by 12). All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What if I make extra payments?
A: This calculator assumes you'll continue making the same payment amount. Extra payments would shorten your payoff period.

Q2: How do I convert APR to monthly rate?
A: Divide your annual percentage rate (APR) by 12 (months) and then by 100 to convert to decimal.

Q3: Why does my result show decimal months?
A: The calculation is precise, but in practice you'd round up to the next whole month for your final payment.

Q4: What if my interest rate changes?
A: This calculator assumes a fixed rate. For variable rate loans, you'd need to recalculate when rates change.

Q5: Can I use this for other loans?
A: Yes, this formula works for any fixed-rate installment loan with equal monthly payments.