Debt Payoff Calculator

This calculator shows how many months it takes to clear a debt at a given balance, interest rate and monthly payment, and how adding extra to that payment shortens the payoff time and lowers total interest.

FAQ

What strategies does this debt payoff calculator support?

You can model a single debt, or — if you add several — choose the snowball method (smallest balance first) or the avalanche method (highest rate first) to see how the order of payoff affects total interest.

How much can extra payments really save?

It depends on the balance, rate and your current payment, but extra payments reduce the balance faster, which means less interest accrues each month — the calculator shows the exact months and interest saved for the numbers you enter.

Can I use my own liabilities instead of typing numbers manually?

If you're signed in, the calculator can pull in liabilities you've already recorded; signed out, you can enter a balance, rate and payment manually.

What if my payment barely covers the interest?

If the payment doesn't exceed the interest charged each month, the balance never falls, and the calculator will flag that the debt cannot be paid off at that payment level.

Does this calculator give debt advice?

No. It only does the maths on the numbers you provide. It does not recommend a strategy or lender and is not financial advice.

Illustration only. Not financial advice.