Debt Payoff Calculator
Estimate how long until you're debt-free, total interest, and how extra payments change the picture.
Inputs
Result
Visual breakdown
Formula
Each month: interest = balance × APR/12. Payment subtracts what's left. Loops until balance ≤ 0.
Example
$8,000 at 12% APR paying $250/mo ≈ 38 months, ~$1,503 interest. Adding $100/mo extra ≈ 26 months, saving ~$540.
Related: Credit card payoff · Snowball · Avalanche
How to use
- Enter your current balance.
- Enter the APR (annual percentage rate).
- Enter the monthly payment you can sustain.
- Optionally add extra to see how much faster you're free.
When it's useful
- Setting a realistic debt-free target date.
- Seeing how much an extra $50–$200/mo would change things.
- Comparing the cost of staying on minimums.
Common examples
Frequently asked
Does this account for fees?
No — only APR-based interest. Add late or annual fees separately if relevant.
What if my payment is less than monthly interest?
The balance grows. We flag the scenario as not feasible and show the interest threshold to clear.
Why does extra payment save so much?
Every extra dollar attacks principal directly, shrinking the balance interest accrues on next month — compounding works in reverse.
Does this assume fixed APR?
Yes. Variable-rate debt can be approximated by using your current APR; recalculate when it changes.
Should I save or pay debt first?
Usually keep a small emergency cushion, then attack high-APR debt. See the Emergency Fund and Savings calculators for the other half.
People also calculate
More money & work →Estimates only — not financial advice. Real balances vary with fees, rate changes and posting dates.