Debt Payoff Calculator
Estimate how long until you're debt-free, total interest, and how extra payments change the picture.
Inputs
Result
Visual breakdown
System view
See how this fits into your full financial system.
Zoom out and connect income, expenses, debt, savings, housing, transportation, and runway in one private system view.
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
Common answers
- How long until I'm debt-free?Enter balance, APR and monthly payment — the result shows months to payoff.
- How much total interest will I pay?Shown in the result alongside the payoff date.
- What if I pay $100 extra per month?Add $100 to the payment and watch the months and total interest drop.
- Will doubling my payment cut the time in half?Usually more than half — less time accruing interest compounds the benefit.
- What if my payment is below the monthly interest?The balance grows. Increase the payment until the result is feasible.
Embed this calculator
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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.