Debt Payoff Calculator
See exactly when a credit card or loan will be paid off — and how much extra payments save you in interest.
How to use it
Enter any debt — credit card, personal loan, or auto loan — with its APR and what you pay each month. The calculator counts the months to freedom, the total interest you will pay, and how much sooner you finish (and how much you save) with your extra payment added.
Minimum payments are a trap
On a $6,500 card balance at 22.9% APR, paying only a typical 2% minimum takes well over a decade and costs more in interest than the original balance. A fixed monthly amount — even a modest one — cuts that dramatically, as the numbers here will show.
Frequently Asked Questions
Which debt should I pay first?
Mathematically, the highest APR first (the “avalanche”) saves the most money. Some people prefer the smallest balance first (the “snowball”) for motivation. Either beats spreading extra money evenly.
What if my payment is less than the monthly interest?
The balance would grow forever — the calculator warns you if your payment does not cover interest.
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