Loans
Line of credit payoff with additional draws.
Most payoff calculators assume you stop borrowing. Enter the draws you expect to make, and see the month the line reaches $0, the total interest and every monthly row.
Your line of credit
Result
Method and limitations
Each month, in this order: (1) any draw scheduled for that month is added to the balance; (2) interest is balance × APR ÷ 12, or with the daily option balance × APR ÷ 365 × days in that calendar month, rounded to the cent; (3) the payment is made at month end and the closing balance is balance + interest − payment. The last payment is capped so the balance does not go below zero.
Worked example: $10,000 at 12% APR, $1,000 a month, one $2,000 draw in month 3. Month 1 interest is $10,000 × 1% = $100.00, closing balance $9,100.00; month 2 interest is $91.00, closing $8,191.00; month 3 adds the draw ($10,191.00), interest $101.91, closing $9,292.91. The line reaches $0 in month 13 after a final payment of $802.95, with $802.95 total interest and $12,802.95 paid.
Limitations: the rate is held constant, but line of credit rates are usually variable, so a rate change will move the real result. Lenders differ on when interest posts, how payments are applied and how the minimum is set; your credit agreement and statements govern. Fees, credit limits and penalty rates are not modelled. If the payment cannot outrun interest and draws, the tool says so instead of showing a payoff. Everything is calculated in your browser from the numbers you type; nothing is sent anywhere. This is an estimate, not financial advice.
If you do not plan to borrow again, the line of credit calculator (which assumes no new borrowing) is the simpler tool.