Debt Payoff Calculator
Add up your debts to see when you’ll be debt-free and how much interest you’ll pay at your current payments.
Log in or create an account to save your debts and reuse them in any calculator.
Spreadsheet downloads support up to 20 debts.
Your payoff summary will appear here
Fill in each debt's balance, monthly payment and rate, then Calculate to see:
- Debt-free date
- Total interest
- Total repayment
How the Debt Payoff Calculator works
Before you think about consolidating anything, it helps to see your current debts clearly. This calculator adds them up and works out, at the payments you make today, how long each one takes to clear, when you become debt-free, and how much interest you pay along the way. It is the starting point you measure any debt consolidation loan against.
Enter each debt separately. You can mix credit cards and loans and add up to 20 debts.
Calculator Inputs
Enter the current details for each debt. All four values are required for a payoff estimate.
- Type: Whether the debt is a credit card or an installment loan. The choice changes how interest is calculated.
- Balance: How much you still owe today, not the amount you originally borrowed.
- Monthly payment: What you actually pay toward this debt each month. For a credit card, use what you really pay rather than only the minimum.
- Interest rate: The annual percentage rate (APR) shown on the card or loan statement.
Loans vs. credit cards
The two debt types accrue interest differently, so selecting the correct type matters. An installment loan uses the annual rate divided across 12 months:
Most credit cards compound daily. The calculator uses a 365-day year and converts the APR into an equivalent monthly rate:
In both formulas APR is written as a decimal (24% is 0.24). Daily compounding makes a card’s effective monthly rate slightly higher than a loan’s at the same headline APR.
How balances change
The calculator repeats the same step each month until the balance reaches zero. Interest is charged first, and the rest of the fixed payment reduces principal:
As the balance falls, the interest portion usually shrinks and more of each payment goes toward principal. The final payment is reduced to the amount needed to clear the remaining balance.
Understanding Your Results
The summary shows when the last debt is cleared and the total interest paid. The table shows each debt’s payoff time and interest. The schedule shows combined monthly payment, principal, interest, and remaining balance.
If a monthly payment does not cover that debt’s interest, its balance would keep growing. A payment that would take more than the 1,200-month (100-year) calculation horizon is also flagged instead of being shown as paid off. Other debts still show their individual results, but portfolio totals and the payoff chart remain unavailable until every debt has a payoff within the horizon.
Assumptions & Limitations
Each debt is paid independently at its entered monthly payment. This calculator does not model debt snowball, debt avalanche, changing rates, fees, promotional periods, late or missed payments, or extra payments.
Rates and payments are held fixed until payoff. Credit-card rates and minimum payments can change in real life, so results are estimates rather than a quote.
The results provided by this online calculator are for informational purposes only and do not constitute financial advice. The actual rates, terms and amounts that apply to you may vary based on your provider, your credit profile and the specifics of your situation. This calculator may not account for every factor that affects the total cost, such as fees, taxes, changing rates or other charges. Please consult a qualified financial professional before making a decision.