Loan Debt Payoff Calculator
See exactly when you'll be debt-free, how much interest you'll pay, and how much faster extra payments get you there.
| Debt-free date | — |
| Total interest paid | $0 |
| Total paid | $0 |
| Monthly payment used | $0 |
How it works
Each month the calculator adds one month of interest (balance × APR ÷ 12), then subtracts your payment. It repeats until the balance hits zero, counting the months. That month-by-month simulation is exactly how credit card statements accrue interest, so the result mirrors real life.
Frequently asked questions
Debt avalanche vs. debt snowball — which is better?
The avalanche (pay highest APR first) costs the least in interest. The snowball (pay smallest balance first) gives faster wins that keep you motivated. Both beat minimums — pick the one you'll stick with.
Why do minimum payments take forever?
Minimums are often 1–2% of the balance, barely covering interest. On an $8,000 balance at 20% APR, a $160 minimum can take 7+ years and cost over $5,000 in interest. Raise the payment above to see the difference.
Does an extra $50 a month really help?
Enormously. Extra payments go 100% to principal, which shrinks every future interest charge. Try adding $50 or $100 in the extra-payment field and watch months and interest collapse.