Financial Calculators
Debt Payoff Calculator
Calculate your debt-free date from balance, APR, and monthly payment — and see how extra payments accelerate the timeline.
Quick guide
Enter the total balance, the APR, your monthly payment, and any extra amount you can add. You get the debt-free date and total interest, and you can see how extra payments, which go straight to principal, shorten the timeline.
Read the full explanationHow It Works
Every extra dollar goes straight to principal, which reduces next month’s interest — a compounding effect in your favor that shortens the payoff timeline.
Formula Used
n = −ln(1 − r·B/P) ÷ ln(1 + r), with P = payment + extra.
Example Calculation
A $12,000 balance at 16% APR paid at $450 per month clears in about 34 months with roughly $2,900 in interest — several months sooner than $400 alone.
Practical Use Cases
- Plan a debt snowball or avalanche strategy.
- Quantify the benefit of adding even $25–$50 per month.
- Set a target debt-free date.