Debt Payoff Calculator
See how making extra monthly payments could help you pay off
your debt sooner and reduce the interest you pay.
Enter your debt balance, interest rate, current monthly payment
and extra monthly payment in the white box. The green box
compares your current repayment plan with the faster payoff plan.
What to calculate next?
Suggested next step Budget Calculator →See how this decision fits into your monthly finances.
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How the Debt Payoff Calculator works
This calculator compares paying your debt using your current monthly payment with making an additional payment each month.
Interest is calculated monthly using the APR entered. Each payment covers the interest charged first, with the remaining amount reducing the outstanding balance.
The calculator estimates how much sooner the debt could be repaid and how much interest could be saved by making the additional monthly payment.
This calculator is designed for a single combined debt balance and interest rate. If you have several debts with different interest rates, the results should be treated as a simplified estimate.
Results are for planning purposes only. Actual interest and repayment schedules may vary between lenders.
How do extra payments reduce debt interest?
Paying more than the regular monthly amount reduces principal faster, leaving a smaller balance on which future interest accrues. For example, adding $50 to a $200 monthly payment increases the amount available for debt repayment to $250, assuming no additional charges. This calculator models one balance at one interest rate rather than multiple debts with different APRs.