How to use it
- Enter the current debt balance and annual interest rate.
- Enter the regular monthly payment and any extra monthly amount.
- Calculate to review the payoff time, estimated date and total interest.
Debt Payoff Calculator
Estimate how long a fixed monthly payment will take to pay off a debt.
About the Debt Payoff Calculator
The Debt Payoff Calculator estimates a payoff schedule for one balance with a fixed interest rate and monthly payment. An optional extra payment is applied every month.
Monthly payoff logic
Each month the calculator adds interest to the remaining balance and then applies the regular and extra payment. The final payment is reduced to the exact amount still due.
Payment warning and limits
A warning appears when the payment does not cover the first month of interest. The simulation stops after 1,200 months to prevent an unbounded calculation. Results are estimates and are not financial advice.
Example
For a $10,000 balance at 18%, compare a $300 payment with a $50 extra payment to see how the payoff month and total interest change.