Debt Payoff Calculator
Enter any single debt — loan, credit card, or line of credit — to see your payoff timeline, total interest paid, and a full month-by-month amortisation schedule. For multiple debts, use the Debt Snowball or Debt Avalanche calculators.
Debt Details
Amortisation Schedule
| Month | Payment | Interest | Principal | Remaining Balance |
|---|
Formula Used
monthly_rate = APR / 12 / 100 interest = balance x monthly_rate principal = payment - interest new_balance = balance - principal
For loans with a fixed term, the exact required payment can be computed with the standard amortisation formula: PMT = P × r / (1 − (1 + r)−n), where P = principal, r = monthly rate, n = number of months.
Have Multiple Debts?
- Debt Snowball Calculator — unlimited debts, smallest balance first
- Debt Avalanche Calculator — unlimited debts, highest APR first
- Snowball vs. Avalanche Comparison
- Credit Card Payoff Calculator — single card with scenarios
- Debt-Free Date Calculator — target a date, find required payment
Frequently Asked Questions
Any debt with a fixed APR: credit cards, personal loans, auto loans, student loans, medical debt, or any other fixed-rate balance. For mortgages, a dedicated mortgage amortisation calculator will give more accurate results (including property taxes and insurance).
APR (Annual Percentage Rate) is the yearly interest rate on your debt, expressed as a percentage. Find it on your monthly statement, loan agreement, or by logging into your lender's website. It may be labelled "interest rate" or "purchase APR" on credit cards.
Look at your budget and identify fixed expenses and savings goals. Whatever remains after necessities and savings can go toward debt. Even $25–$50 extra per month has a meaningful impact on a high-APR debt.
Yes. Bi-weekly payments result in 26 half-payments (13 full payments) per year instead of 12. That extra payment per year reduces the principal faster and saves interest. This calculator assumes monthly payments; for bi-weekly, divide your monthly payment by 2 as an approximation.
Total cost = principal + total interest paid. This calculator shows you the total interest so you can see the true cost of carrying a balance at a given APR. For a $10,000 loan at 20% APR paid over 5 years, for example, you would pay significantly more in interest than a comparable 6% loan.