Debt Payoff Calculator
Enter what you owe, the interest rate (APR) and what you pay each month. See when you'll be debt-free, the total interest, and the effect of paying a little extra.
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| Year | Interest paid | Balance at year end |
|---|---|---|
| 1 | $960.57 | $3,560.57 |
| 2 | $609.92 | $1,770.49 |
| 3 | $179.39 | $0.00 |
This is an estimate based on a fixed rate and a fixed payment, with interest charged monthly and no new purchases or fees. Your lender's figures may differ slightly. It's for illustration, not financial advice.
This tool is for informational and estimation purposes only; it does not constitute legal, financial, or tax advice. Results may change based on current regulations; for exact, binding calculations, consult the relevant official authority, accountant, or lawyer.
How to Use
- 1Enter your current balance and the annual interest rate (APR).
- 2Enter the amount you pay each month.
- 3Optionally, enter an extra monthly payment to see how much time and interest it saves.
- 4Read your debt-free time, total interest and the year-by-year balance.
Frequently Asked Questions
How is credit card interest calculated?
Most cards quote an annual percentage rate (APR) and charge interest on your balance daily or monthly. This calculator divides the APR by 12 and applies it to the remaining balance each month, which closely approximates how card interest works.
Why does paying only the minimum take so long?
The minimum payment is often just a little more than the monthly interest, so almost nothing goes toward the balance at first. Try this calculator with a payment close to your minimum to see how many years it can take, then add an extra payment to see the difference.
What's the best way to pay off several debts?
Two popular approaches are the avalanche method, paying the highest interest rate first to minimize total interest, and the snowball method, paying the smallest balance first for quick wins. This calculator handles one debt at a time, so run it for each one.
Is my data stored?
No. Everything is calculated in your browser, and nothing you enter is saved or sent anywhere.