Debt Payoff Calculator
Estimate how long a single debt could take to pay off with your monthly payment and optional extra payment. See the payoff date, total interest, total paid and a month-by-month schedule you can download as CSV.
Loading Debt Payoff Calculator…
About the Debt Payoff Calculator
Debt Payoff Calculator estimates how a single debt could be repaid with a fixed monthly payment. Enter the current balance, the annual interest rate, your required monthly payment, an optional extra monthly payment and, if you like, the first payment date. Each month the calculator charges interest at the annual rate ÷ 12, applies your payment to that interest first and the rest to the balance, and repeats until the balance reaches zero.
You get the total monthly payment, the estimated number of months and final payment date, total interest, total amount paid and a full month-by-month schedule that you can download as CSV. If the payment does not exceed the monthly interest, the tool explains that the balance would not go down under those assumptions. It is a simplified single-debt estimate: it does not include fees, penalties, rate changes, different compounding methods, taxes, insurance or lender rules, so your lender’s figures may differ. It is not lending or debt-management advice.
How to use
- Enter the current balance and the annual interest rate.
- Enter the required monthly payment and any extra amount you plan to pay each month.
- Optionally choose the first payment date to see calendar dates.
- Click Calculate to see the estimate and the month-by-month schedule.
- Copy or download the summary, or download the schedule as CSV.
Key features
- Monthly interest at the annual rate ÷ 12, rounded to 2 decimals each month.
- Estimated payoff months, years and final payment date.
- Total interest, total paid and the smaller final payment.
- Clear warning when the payment does not cover the monthly interest.
- Correct handling of 0% interest.
- Full schedule with CSV download, plus Copy and Download Summary.
Best practices
- Use the balance and rate shown on your latest statement.
- Check how your lender calculates interest; daily or other methods can give different figures.
- Re-run the estimate if your rate, balance or payment changes.
- Ask your lender for an official payoff amount before making a final payment.
- Keep the CSV if you want to compare the estimate with actual statements.
Benefits
- See roughly how long repayment could take with your chosen payment.
- Understand how much of each payment goes to interest and principal.
- A downloadable schedule for your own records.
- Private: balances and rates stay in your browser.
Frequently asked questions
How is monthly interest calculated?
Monthly interest = current balance × (annual interest rate ÷ 12), rounded to 2 decimal places. Your payment pays that interest first, and the remainder reduces the balance.
What happens if my payment is too low?
If the total monthly payment is not more than the first month’s interest, the balance would never go down. The calculator explains this and shows the interest amount the payment needs to exceed.
Does it work with 0% interest?
Yes. With 0% interest, every payment reduces the balance in full, and total interest is zero.
Why might my lender’s payoff figure be different?
Lenders may calculate interest daily, charge fees or penalties, change rates, round differently or apply payments in other ways. This tool uses a simplified fixed monthly method.
Can it handle several debts at once?
No. It estimates one debt at a time and does not suggest which debt to pay first.
How is the final payment date worked out?
If you enter a first payment date, each later payment is one calendar month after the previous one (keeping the same day where possible), and the final payment date is the date of the last payment in the schedule.