Debt Payoff Calculator
Create a plan to pay off debt faster with extra annual payments.
Debt Payoff Calculator
Create a plan to pay off debt faster with extra annual payments.
Total interest paid
Months to payoff
Years to payoff
Total amount paid
Enter your details and press Calculate to see an instant breakdown.
How the debt payoff calculator works
This tool simulates paying off debt by making a monthly minimum payment (2% of the remaining balance, or the interest charge if lower) plus a portion of your annual extra payment spread across each month.
- Monthly rate = APR ÷ 12 ÷ 100
- Each month: interest accrues, then you pay the higher of 2% of balance or interest, plus your monthly extra
- Loop until the balance reaches zero
Example: $20,000 in debt at 18% APR with $3,000 annual extra payment is paid off in about 5 years, saving significant interest versus minimum payments alone.
Use it to: see the impact of extra payments, plan a debt-free date, or compare payoff strategies.