Debt Payoff Calculator
Find out when you could become debt-free and how much interest you could save by increasing your monthly payments.
Your Debt Details
Your Payoff Results
Estimates use a fixed APR divided by 12, monthly interest accrual, and payments at the end of each month. Actual credit card and lender calculations may use daily interest, changing rates, or fees.
How does the debt payoff calculator work?
Each month, interest is added to your outstanding debt balance. Your payment first covers that interest, and the remainder reduces the principal. Extra payments reduce principal faster, which decreases the interest charged in future months.
Why make extra debt payments?
Paying more than the required monthly amount can reduce both the total interest paid and the time needed to eliminate debt. The benefit is often larger on debts with high interest rates.
What if your payment is too low?
If your monthly payment does not exceed the interest accruing on the debt, the balance will not decrease under this model. You must increase your payment to make progress toward payoff.
Does this work for credit cards and personal loans?
This calculator is useful for estimating payoff on a single credit card, personal loan, or other fixed-rate debt. For credit cards, the results are approximate because issuers commonly calculate interest using daily balances and may adjust minimum payments over time.