Everyday Money

Debt Payoff Calculator

Estimate your debt payoff timeline, total interest, and debt-free date.

Basics

Debt amountiEnter your current balance.

Interest rateiUse the annual interest rate on the debt.

Monthly paymentiEnter the amount you plan to pay every month.

High-interest debt can grow quickly because interest is charged repeatedly on remaining balances.

Avalanche pays highest-rate debts first. Snowball pays smallest balances first for motivation.

Interest adds to the balance when payments do not fully cover charges and principal reduction.

Frequently asked questions

Why does it say payment too low?+

The monthly payment may not cover the interest being added.

Does this include fees?+

No. Add fees to the debt amount if you want them included.