How to Calculate the Number of Months to Pay Off a Loan How to Calculate the Number of Years Required to Pay Off How to Calculate a Loan Repayment Formula | SaplingLoan Payment Formula (with Calculator)To calculate the number of payment periods for a loan, given the loan amount, the interest rate, and a periodic payment amount, you can use the NPER function. In the example shown, the formula in C10 is: = NPER(C6 12, C7, - C5)In the example, apply the negative sign to – to get positive , or approximately 240 months left on the loan: N = 240 This means if you make all your payments on time, you will pay off the loan in 240 months, or 20 years, from the current making consistent regular payments toward debt service you will eventually pay off your loan. Use this calculator to determine how much longer you will need to make these regular payments in order to eventually eliminate the debt obligation and pay off your out how long it will take to pay off a personal loan. Imagine that you have a $2,500 personal loan, and have agreed to pay $150 a month at 3% annual interest. Using the function NPER(rate,PMT,PV) =NPER(3%/12,-150,2500) it would take 17 months and some days to pay off the loan. The rate argument is 3%/12 monthly payments per on the year in which you took out your loan, it will simply be written off after 25 years, 30 years, or when you turn 65. Phew. For this reason, repaying a student loan in the UK can be considered to work a bit like a ‘graduate tax’, applied in a similar way as income tax or national insurance.

Tags: