Debt Payoff Calculator
See how long it'll take to pay off a credit card or loan and how much interest you'll save by adding extra to each payment.
Debt details
How to use this calculator
1. Enter your debt details
Current balance, APR (the rate, not the monthly), and your normal monthly payment. The calculator simulates month-by-month until the balance reaches zero.
2. Add an "extra" amount
The "Extra each month" field shows the impact of paying more than the minimum. Even an extra $25-50/month can shave years off and save thousands in interest.
3. Read both numbers
"Total interest paid" tells you the true cost of the debt. "Interest saved" compares your with-extra plan to the no-extra baseline.
Strategies that accelerate payoff
Apply tax refunds and bonuses directly to principal. Make a half-payment every two weeks (results in 13 payments per year). Negotiate a lower rate or transfer to a 0%-intro card if your credit is strong. Avoid taking on new debt while paying down old.
About debt payoff
How does the calculation work?
Each month we charge interest at APR/12 on the current balance, then subtract your payment. We continue until the balance is paid off — or stop if the payment doesn't cover the monthly interest.
Snowball vs. avalanche
The snowball method pays off the smallest balance first for motivation. The avalanche method targets the highest APR first to minimize total interest. Avalanche saves more money; snowball builds momentum.
What if my payment is too low?
If your payment is less than the monthly interest charge, the balance grows. You need to pay at least enough to cover that interest before any principal is reduced.