A BALANCE / A PAYMENT / A PLAN
Plan your debt payoff.
See when one debt could be paid off, how much interest you could pay, and what an extra monthly payment changes.
What this covers
Credit cards and loans, using your own assumptions and a fixed monthly payment. The full monthly schedule shows whether the balance is shrinking. How this estimate works ↓
Privacy and downloaded records
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01 / ENTER ONE DEBT
What do you owe and pay?
Enter your balance, interest rate and regular monthly payment. Add an extra payment to compare paying faster, then select Calculate payoff. Use dollars without commas or currency symbols. Leave the optional extra payment blank for none.
03 / FOLLOW THE BALANCE
See each payment.
See the full monthly payment schedule
Each row starts with what you owe, adds interest, then subtracts that month’s payment. “Balance paid down” is the part that reduces the debt; a negative amount means the debt grows.
Calculate a scenario to see each monthly interest charge, payment and remaining balance.
ASSUMPTIONS / NOT A PAYOFF QUOTE
Check the contract behind the number.
One fixed-rate balance, paid monthly
Each month begins with the remaining balance. Interest equals that balance multiplied by the nominal annual rate divided by 12, rounded to cents with exact half cents rounded up. The payment follows the interest charge. The final payment is capped at the amount owed. An extra payment is added every month from month 1.
Money inputs may be up to $100 million each; rates range from 0% to 100% and the horizon from 1 to 1,200 months. These are software limits, not suggested borrowing terms. Very large growing balances can exceed supported limits and will not produce a partial estimate.
Credit cards and different loan types
The debt type is a label; all types use the same fixed-rate monthly model. For a card, enter a fixed amount you intend to pay each month—not a minimum payment that declines with the balance. The calculation assumes no new charges or borrowing.
Actual card and loan terms may use daily interest, variable rates, promotional periods, fees, odd payment periods, balloon balances, prepayment charges or different rounding. Mortgage escrow, property costs, insurance and business tax effects are not included. A lender's current payoff quote is the amount needed to close the debt.
A lower payment may not pay the debt off
If the payment does not exceed the first month's interest, the balance will not shrink under these assumptions. If a debt remains at the chosen horizon, the calculator shows its remaining balance and the interest charged during that horizon. That is not total lifetime interest or a payoff date.
Interest savings and time saved are shown only when both payment scenarios finish within the horizon. Extra payments should be checked against your contract and other obligations.