Line of Credit Payoff

When will your line of credit be paid off? Use this calculator to see what it will take to payoff your line of credit, and what you can change to meet your repayment goals.

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For more information about these these financial calculators please visit: Financial Calculators from KJE Computer Solutions, Inc.

By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.

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Financial Calculators | Credit Union Tools | Michigan First

*indicates required.

Line of credit information:

Current balance:*This entry is required.Enter an amount between $0 and $100,000,000

Interest rate (APR):*This entry is required.Enter an amount between 0% and 30%

Rate change (per year):*This entry is required.Enter an amount between -2% and 5%

Payoff goal (in months):*This entry is required.Enter an amount between 1 and 360

Current monthly payment:*This entry is required.Enter an amount between $0.00 and $100,000.00

Additional monthly charges:*This entry is required.Enter an amount between $0.00 and $100,000.00

Annual fee:*This entry is required.Enter an amount between $0.00 and $200.00

Future draws from line:

$0.00

**FIG_GRAPHTITLE** Line Graph: Please use the calculator's report to see detailed calculation results in tabular form.

Credit Line Payoff by Month

**FIG_GRAPHTITLE** Column Graph: Please use the calculator's report to see detailed calculation results in tabular form.

Alternate Payoff Scenarios

Definitions

Current balance

Current outstanding balance on your line of credit.

Payoff goal (in months)

Your goal for paying off this line of credit. This is the number of months by which you would like to have completely paid off this line of credit balance.

Current monthly payment

The amount you are currently paying per month on this line of credit. Please enter the amount you actually pay, not the minimum payment. This amount is used to calculate how long it will take you to payoff your balance.

New charges per month

Total new charges you expect to put on this line of credit per month.

Rate change (per year)

If you expect the interest to change in the next year, use this to indicate how much. For decreasing rates, enter negative numbers.

Interest rate (APR)

The annual percentage rate for this line of credit.

Annual fee

Your annual fee for this line of credit.

Draw

Amount to draw from this line of credit.

Months from now

Number of months from now before your draws will occur.

Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.