See How Fast You Can Become Debt Free
Estimate your debt-free date, total interest, total payments and potential savings from making additional monthly payments.
Enter Your Debt Information
Enter approximate figures to estimate your debt payoff timeline.
Your Debt Payoff Plan
Estimated results based on the information entered
Impact of Extra Payments
See how your additional monthly payment could change the estimated payoff timeline and interest cost.
Payoff Insights
- Enter your debt information to see personalized payoff insights.
About the Debt Payoff Calculator
The Debt Payoff Calculator helps estimate how long it may take to repay a debt based on the current balance, interest rate and monthly payment.
You can also enter an additional monthly payment to compare a standard payoff scenario with a faster payoff strategy.
The calculator estimates the total amount paid, total interest, estimated payoff period and potential interest savings from additional payments.
How to Use the Calculator
Enter Your Balance
Enter the current outstanding balance on your debt.
Add Interest & Payment
Enter the annual interest rate and your current monthly payment.
Compare Extra Payments
Enter an optional extra monthly payment to see the potential impact.
How the Debt Payoff Calculation Works
The calculator uses the debt balance, annual interest rate and monthly payment to estimate the number of payments required to reach a zero balance.
Interest is calculated on the remaining balance each month. As the balance declines, the amount of interest charged generally declines as well.
When an additional monthly payment is entered, the calculator adds that amount to the regular payment and compares the resulting payoff timeline with the original scenario.
Debt Payoff Strategies
When you have multiple debts, two commonly discussed payoff approaches are the debt avalanche and debt snowball methods.
Debt Avalanche
Prioritize the debt with the highest interest rate while continuing required payments on other debts. This approach can reduce interest costs when the assumptions behind the calculation apply.
Debt Snowball
Prioritize the debt with the smallest balance first while continuing required payments on other debts. Some people prefer this approach because it creates smaller account milestones along the way.
Things to Consider
Actual payoff results can differ from estimates because lenders may calculate interest differently, payments may have different due dates, rates can change, fees may apply and additional payments may be handled differently by individual lenders.
If you have multiple debts, this calculator evaluates one debt at a time. A complete debt repayment plan should consider all outstanding balances, interest rates and required payments.
This calculator provides an educational estimate based on the information entered by the user. It is not financial, investment, credit, tax or legal advice. Actual loan terms, interest calculations, fees and payoff dates may differ from these estimates.