Debt Payoff Calculator
Estimate payoff time and interest, then compare an extra monthly payment.
Debt payoff calculator
Compare a fixed payment with an extra monthly contribution.
Updates as you typeYour numbers
Start with the example. Change it to fit your plan.
Amount in US dollars.
Amount in percent.
Amount in US dollars.
Amount in US dollars.
Illustrative fixed-rate model: annual rate divided by 12, interest rounded half-up to the cent before each month-end payment. No fees, rate changes or new borrowing. Many cards use daily interest and grace periods, so statements differ. How card interest works.
Your result
At $200 a month against $5,000 at 24% APR.
Your balance on the way down
- $200/month
- $250/month
View chart values
| Month | $200/month | $250/month |
|---|---|---|
| 0 | $5,000 | $5,000 |
| 1 | — | $4,850 |
| 2 | $4,798 | $4,697 |
| 3 | $4,693.96 | $4,540.94 |
| 4 | — | $4,381.76 |
| 5 | $4,479.60 | $4,219.40 |
| 6 | $4,369.19 | — |
| 7 | — | $3,884.87 |
| 8 | $4,141.70 | $3,712.57 |
| 9 | $4,024.53 | $3,536.82 |
| 10 | — | $3,357.56 |
| 11 | $3,783.12 | $3,174.71 |
| 12 | $3,658.78 | $2,988.20 |
| 13 | — | $2,797.96 |
| 14 | $3,402.60 | $2,603.92 |
| 15 | $3,270.65 | $2,406 |
| 16 | — | $2,204.12 |
| 17 | $2,998.78 | $1,998.20 |
| 18 | $2,858.76 | $1,788.16 |
| 20 | $2,570.26 | $1,355.40 |
| 21 | $2,421.67 | $1,132.51 |
| 22 | — | $905.16 |
| 23 | $2,115.50 | $673.26 |
| 24 | $1,957.81 | $436.73 |
| 25 | — | $195.46 |
| 26 | $1,632.91 | $0 |
| 27 | $1,465.57 | — |
| 29 | $1,120.78 | — |
| 30 | $943.20 | — |
| 32 | $577.30 | — |
| 33 | $388.85 | — |
| 35 | $0.56 | — |
| 36 | $0 | — |
With $50 extra each month
Keep a copy of your plan
Excel and PDF use the numbers above. Google Sheets opens a separate example in your Drive; to bring your own numbers, import the downloaded Excel file.
Saved only in this browser.
Choose the first date. Reminders follow the deposit or payment schedule above, with the last amount adjusted when needed. No calendar account is connected.
Files are created in this browser. Financial inputs are not sent to our server.
Results are educational estimates from your inputs and the assumptions shown, rather than a guarantee or individual financial advice. About our estimates.
Make this plan work for you
This calculator estimates months to pay off a balance and the interest paid, then compares the same debt with an extra monthly payment. The worked example shows how one added amount shortens the schedule.
- Enter your balance to pay off, such as $5,000 in the example.
- Enter your statement APR and planned monthly payment, such as 24% and $200.
- Enter an extra payment to compare and review both the base and extra-payment result rows.
A filled example
Example inputs: Balance to pay off: $5,000.00; Statement APR: 24%; Monthly payment: $200.00; Extra payment to compare: $50.00
| Plan | Result |
|---|---|
| Months to pay off | 36 |
| Estimated interest | $2,000.57 |
| Months with extra payment | 26 |
| Interest with extra payment | $1,449.37 |
These results use the example inputs shown above. Change the inputs in the calculator to explore your own plan.
Interpreting the comparison
The example uses a $5,000 balance, a 24% statement APR, a $200 monthly payment, and a $50 extra payment. The table reports Months to pay off and Estimated interest for the base plan, then Months with extra payment and Interest with extra payment for the comparison. The gap between the two month counts shows how much sooner the balance clears, and the difference between the two interest rows shows the interest cost of keeping your original payment. This helps you decide whether directing spare cash to the debt is worth the trade-off against saving. Interest is estimated at a fixed APR divided by twelve, with monthly interest rounded before payments, and no fees or new debt.
Adjusting inputs and related workflows
Because the estimate uses your statement APR, a daily-interest statement can differ from the result, so treat the months as a planning figure. If a daily-interest account applies, expect some variation rather than an exact match. Try several extra-payment amounts to find one your budget sustains. If you are still building a cash cushion, size it first with the emergency fund calculator, then redirect the freed deposit here. The calculator runs in your browser with nothing uploaded, offers free Excel and PDF downloads containing your inputs, and a Google Sheets copy holds the example only and requires a Google account.
Frequently asked questions
Why might my actual payoff differ from the estimate?
The calculator uses a fixed APR divided by twelve and rounds monthly interest to cents before payments. A daily-interest statement can produce a different schedule.
What does the extra payment comparison show?
It shows the months to pay off and estimated interest with your payment plus the extra amount, alongside the base plan. The difference between the rows helps you judge whether the extra payment is worthwhile.
Do my inputs get saved anywhere?
No, inputs stay in your browser and nothing is uploaded. Excel and PDF downloads contain your current inputs, while a Google Sheets copy contains the example only.
Keep your plan moving
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