Free line of credit payoff calculator
See how long it takes to pay off a line of credit with fixed payments — enter balance, rate, and monthly payment to find payoff date and total interest, updated live, as you type.
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No prepayment penalty assumed. Contact your lender to confirm extra payments apply to principal.
Results are estimates. Consult a professional.
How the line of credit payoff calculator works
A line of credit (LOC) in payoff mode behaves mathematically like a credit card or any amortizing revolving debt. Once you stop drawing on the line and set a fixed monthly payment, the balance declines each month as your payment covers that month's interest and the remainder reduces principal. The calculator finds how many months until the balance reaches zero and the total interest you'll pay along the way.
Worked example: $25k line of credit at 10%, $600/mo fixed payment
A homeowner used their $25,000 home equity line of credit for renovations and is now in the repayment phase. They commit to a fixed $600/month payment and want to know when they'll be debt-free and how much interest they'll pay.
Months to payoff and total interest by balance, rate, and payment
Each cell shows months to payoff / total interest. Find your approximate balance in the rows, your rate in the column groups, and the closest fixed payment to plan your payoff timeline.
| Balance | 8% / $300 | 10% / $500 | 12% / $750 |
|---|---|---|---|
| $10,000 | 39 mo / $1,622 | 22 mo / $931 | 14 mo / $526 |
| $20,000 | — | 50 mo / $4,755 | 32 mo / $3,924 |
| $30,000 | — | — | 55 mo / $11,194 |
| $50,000 | — | — | — |
Source: CFPB payoff tools; '—' indicates payment is below minimum needed to reduce balance at that rate
Tips for paying off a line of credit
Lines of credit are flexible, but that flexibility can trap borrowers in a cycle of draws and minimum payments that barely touch the principal. Treating the LOC like a fixed-term loan is the fastest path out.
- Freeze the line during payoff — request a temporary credit limit reduction or simply resolve not to draw again; continuing to draw while paying resets progress and can trap you permanently.
- Pay significantly above the minimum — LOC minimums are often just the interest charge, meaning you could carry the balance forever paying minimums; set a fixed payment well above that.
- Refinance to a fixed personal loan — converting the LOC balance to a personal loan with a defined end date removes the temptation to draw and locks in a structured payoff schedule.
- Apply lump sums directly to the balance — because interest accrues on the daily balance with many LOCs, lump-sum payments immediately reduce the interest charged the next cycle.
- Watch for rate adjustments — home equity lines and business credit lines are often variable-rate; a rate increase raises your interest charge each month, extending payoff time unless you raise your payment accordingly.
Accuracy and limitations
This calculator assumes a fixed APR, a fixed monthly payment, and no additional draws on the line during the payoff period. Most home equity lines of credit and many business LOCs use a variable rate tied to Prime, so actual interest charges may differ if rates change. Some lenders calculate interest daily rather than monthly; this calculator uses end-of-month balance, which may slightly underestimate total interest on daily-accrual products.
Not financial advice — consult a financial professional for your specific situation.
Line of credit terms defined
About this line of credit payoff calculator
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