Debt Payoff Calculator
See what it takes to clear a debt, the monthly payment, total interest and payoff time, and how much faster extra payments get you there.
- Free
- No sign-up
Enter your balance, rate and payoff term to see the plan.
Worked example
With these example inputs:
- Balance$15,000
- Interest rate18%
- Payoff term3 yr
Monthly payment: $692.29
- Loan amount$15,000
- Total interest$3,278
- Total of payments$18,278
- Payoff time2 yr 3 mo
- Interest saved$1,245
- Time saved9 mo
Frequently asked questions
How can I pay off debt faster?
Pay more than the minimum whenever you can. Every extra payment goes straight to the balance and removes the future interest on that amount.
Should I clear the highest-rate debt first?
Mathematically yes, targeting the highest interest rate first (the avalanche method) saves the most. Some prefer clearing the smallest balance first for motivation.