How to use the Debt Payoff Calculator
The debt payoff calculator shows how paying extra each month shortens your payoff time and saves interest.
Open the Debt Payoff Calculator →
What you need to enter
- Debt balance ($)
- APR (%)
- Current monthly payment ($)
- Extra payment ($)
The formula
It compares the time to repay at your current payment and at the higher payment using the standard payoff formula.
Worked example
Using the default values in the calculator:
- Debt balance ($): 12000
- APR (%): 18
- Current monthly payment ($): 350
- Extra payment ($): 100
| Payoff with extra | 2 yr 11 mo |
| Payoff without extra | 4 yr 1 mo |
| Interest saved | $1,536.45 |
Tips for better results
- Put windfalls and raises toward the debt.
- Pay the highest rate first to save most interest.
Common mistakes to avoid
- Not confirming extra payments reduce principal.
- Taking new debt while paying the old one.
Please note: Calculators and guides give general estimates, not financial, tax or investment advice. Real offers depend on your lender, location and personal situation. See our Disclaimer.