Easily calculate your remaining loan balance for mortgages, auto loans, or personal loans. Our accurate Loan Balance Calculator helps you understand your principal remaining, track your payoff progress, and plan future payments. Quickly find out how much you still owe!
Formula:
The calculator first determines your original monthly payment (M) using the amortization formula:
M = P * [i * (1 + i)n] / [(1 + i)n - 1]
Then, it calculates the remaining loan balance (Bk) after 'k' payments:
Bk = M * [ (1 - (1 + i)-(n - k)) / i ]
- P = Original Loan Amount (Principal)
- i = Monthly Interest Rate (Annual Rate / 1200)
- n = Original Total Number of Payments (Loan Term in Years * 12)
- k = Number of Payments Already Made
- M = Calculated Monthly Payment Amount
- Bk = Remaining Loan Balance