Debt Payoff Calculator
Estimate payoff time and the effect of extra payments.
About This Calculator
Estimate how long it will take to pay off a fixed debt and how an extra monthly payment changes the outcome.
How It Works
Each month, interest is calculated from the remaining balance. The rest of the payment reduces principal. The comparison assumes the payment amounts stay fixed.
Monthly interest = remaining balance × APR ÷ 12
Example
On a $10,000 balance at 19.99% APR, increasing a $300 payment by $100 can reduce both payoff time and total interest.
Important Notes
This estimate excludes new charges, variable rates, fees, promotional terms, and lender-specific payment rules. It is not individualized financial advice.