Everyday money
See when your debt could be paid off.
Estimate your payoff date and interest cost, then see what a consistent extra payment could change. The month-by-month math stays visible so you can follow where each payment goes.
Your result
Your payoff estimate will appear here.
Enter a balance and monthly payment to see the projected date and interest cost.
Your payoff plan
Estimated payoff
Total interest
Monthly payment
Extra-payment effect
The regular payment alone would not pay off this balance within 100 years.
How the first payments are applied
Interest is calculated first each month. The rest of the payment reduces principal. The final payoff row is included when it falls after month 12.
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
Principal and interest
Principal is the amount you still owe. Interest is the lender's charge for carrying that balance. Early in a high-rate payoff, a larger share of each payment can go to interest.
What APR means here
This estimate divides the annual percentage rate by 12 to create a monthly rate. Some lenders accrue interest daily or include fees, so the lender's statement may differ slightly.
Choosing an extra-payment strategy
For several debts, the avalanche method targets the highest interest rate first and usually minimizes interest. The snowball method targets the smallest balance first, which can create faster milestones. This calculator models one debt at a time.
Before sending extra money
Confirm that your lender applies extra funds to principal, check for prepayment penalties, and keep making at least the required payment. Credit-card minimums can change as the balance changes, so use the fixed amount you actually plan to pay.
This calculator provides educational estimates, not financial advice. Actual payoff timing can vary because of daily interest, fees, payment posting dates, promotional rates, and lender rounding. Confirm figures with your lender before making a financial decision.
Keep calculating
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