Debt Payoff Calculator
See how long until you are debt free, total interest, and how much extra payments save on credit cards and loans.
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Frequently asked questions
- How long will it take to pay off my debt?
- Enter your balance, interest rate, and monthly payment, and the calculator simulates each month until the balance reaches zero. It shows the number of months, total interest, and your payoff date based on those inputs.
- How much do extra payments save?
- Add an extra monthly amount and the calculator runs a second scenario. Because more of each payment goes to principal, you pay off faster and cut total interest. The difference in interest is shown as your savings.
- Why does it say my payment is too low?
- If your monthly payment is less than or equal to the monthly interest charge, the balance never goes down and the debt is never paid off. Increase the payment above the monthly interest to make progress.
- What is the difference between the snowball and avalanche methods?
- With multiple debts, the snowball method pays the smallest balance first for quick wins, while the avalanche method pays the highest interest rate first to save the most money. This calculator models a single debt or payment; apply either strategy across your debts.
- Does this work for credit cards?
- Yes. Credit card interest compounds monthly, which this calculator models. Enter your card balance, APR, and the fixed amount you plan to pay each month to see your payoff timeline and interest cost.
- Are the results guaranteed?
- No, they are estimates. Actual payoff depends on your lender's compounding method, fees, any new charges you add, and rate changes. Use it for planning and confirm details with your lender.