How to Calculate the Last Payment Due Date

When you take on a new loan or make a big purchase on your credit card, it's a good idea to calculate the last payment due date. Calculating your last payment due date helps you realize the true cost of only paying the minimum amount due each month and lets you see just how much money you can save by making extra payments when possible. It also tells you just how long you can expect to include the loan payment in your monthly budget.

Instructions

1

Locate an online loan payoff calculator. The quickest way to calculate your last payment due date is to find an online loan payoff calculator. If you would prefer to do it yourself, you can use a spreadsheet to record each payment due date, subtracting the payment from the starting balance for each month. When you reach a zero balance, you have determined your last payment due date.

2

Enter your loan details into the loan payoff calculator. Enter your current loan balance, interest rate and your monthly payment. If you're thinking about making a higher payment than the minimum, some online payoff calculators will allow you to enter the additional payment as well so you can determine the last payment due date with a higher monthly payment.

3

Calculate your last payment due date. If using a loan payoff calculator, it will tell you how long it will take to pay off the loan in question, so consult a calendar to determine the last payment due date. For example, if you use the loan payoff calculator to find the last payment due date for a $15,000 loan with a 9.9 percent interest rate and a $350 regular monthly payment, you will discover that it will take you 4 years and 6 months to pay off. If you make your first payment in November of 2010, you will need to count forward by 4 years (to November 2014) and then 6 months to May 2015. You now know your last payment due date at the current interest rate and monthly payment.