Debt Payoff Calculator
Plan a debt payoff
Work out when you'll finish paying off a debt, such as a credit card, and how much you save by paying a little more each month. You need the balance, interest rate, your monthly payment and, optionally, an extra payment.
Calculate when your debt will be paid off
Result
Time to pay off the debt
24 months
- Total interest
- €989.17
- Total paid
- €5,989.17
- Time without the extra payment
- 32 months
- Interest you save
- €324.80
Formula version: 1.0.0
How to use the debt payoff calculator
- Enter the balance and the annual interest rate.
- Enter your monthly payment and, if you can, an extra payment.
- Compare the months and interest with and without the extra payment.
How the payoff time is calculated
Each month: interest = balance × rate / 12 · new balance = balance + interest − payment
The calculation repeats month by month until the balance reaches zero. If the payment doesn't exceed the interest, the debt never shrinks.
Debt payoff example
With €5,000 at 18% and €200 a month, it would take 32 months. Paying €50 extra (€250 a month) clears it in 24 months, with €989.17 of interest and €324.80 saved.
Illustrative example with the data shown; not a guaranteed outcome.
Assumptions and limitations
- Fixed interest rate and no new charges on the debt.
- Interest is calculated monthly on the outstanding balance.
Frequently asked questions
Which debt should I pay first if I have several?
Paying the highest-interest debt first lowers the total cost; starting with the smallest can help keep you motivated.
Why does the minimum payment take so long?
Because much of each payment goes to interest and little reduces the balance.
Related calculators
- Debt-to-Income Calculator
- Personal Loan Calculator
- Early Repayment Calculator
- Monthly Budget Calculator
Indicative result for information only; not financial or tax advice. Read the legal notice · How we calculate results
Spotted a possible error in this calculator? Let us know