Free Finance Tool
Debt Payoff Calculator
Enter your balance, interest rate, and monthly payment to instantly see how many months until you are debt free, total interest paid, and a full month-by-month amortization schedule.
Debt Type Presets
Fill in your balance, interest rate, and monthly payment above to see your payoff results.Waiting
Enter your balance, annual interest rate, and monthly payment above to see your full debt payoff analysis.
How to use this debt payoff calculator
Enter the current outstanding balance on your debt, not the original loan amount
Use the APR shown on your credit card or loan statement as the annual interest rate
Click "Use min" to populate the estimated minimum payment and see the worst-case payoff timeline
Use the Scenarios table to instantly see how paying 10%, 25%, or 50% more per month saves you interest
The amortization schedule shows exactly how much of each payment goes to principal vs interest
In early months most of your payment covers interest so extra principal payments have the biggest impact
If you have multiple debts run each one separately and compare the interest rates to prioritize payoff order
The debt avalanche method targets the highest interest rate debt first saving the most money overall
The debt snowball method targets the smallest balance first building motivation through quick wins
Export the CSV to paste your amortization schedule into a spreadsheet for tracking actual payments made
