Debt Payoff Calculator
Find your payoff date, total interest, and savings from extra payments
Year-by-Year Breakdown
| Year | Balance | Principal | Interest |
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Frequently Asked Questions
How do I calculate how long it takes to pay off debt?
Use the formula N = −log(1 − r × P / M) ÷ log(1 + r), where P is the principal, M is the monthly payment, and r is the monthly rate (APR ÷ 1200). This calculator does it instantly — just move the sliders above.
What is the minimum payment I must make?
Your monthly payment must exceed the first month’s interest charge, otherwise your balance will never shrink (negative amortization). This calculator will show an unrealistic result if the payment is too low.
How much does an extra $100 per month save?
Try the Extra Monthly Payment slider — even a small extra amount significantly cuts both the payoff time and total interest, since it goes straight to principal.
What is the debt avalanche vs debt snowball method?
Avalanche pays off the highest-interest debt first (saves the most money). Snowball pays off the smallest balance first (builds motivation). Both use any extra payment beyond the minimum.
Should I pay off debt or invest?
If your debt’s interest rate is higher than your expected investment return, paying off debt first is usually the better guaranteed “return.”