Loan Calculators
Debt Payoff Calculator
See how long a debt takes to clear at your current payment, and how much time and interest an extra monthly amount removes.
Payoff time with extra payments
35 months
- Payoff time at current payment
- 50 months
- Interest saved
- $1,706
- Interest paid with extra payments
- $3,686
How this calculator works
Each month: interest = balance × r, then balance −= (payment − interest)
- r
- the monthly interest rate
- payment
- the total you pay, including any extra
Example calculation
Illustrative example — not advice
Worked example — the debt payoff calculator as it loads, using the default figures below.
- 01Enter balance owed: $12,000.
- 02Enter interest rate: 18.9%.
- 03Enter current monthly payment: $350.
- 04Enter extra monthly payment: $100.
- 05Read the payoff time with extra payments from the results panel: 35 months.
Payoff time with extra payments: 35 months. Payoff time at current payment: 50 months. Interest saved: $1,706. Interest paid with extra payments: $3,686.
These figures come straight from the calculator above running on the values listed, so you can retype them and confirm every number yourself. Change any input and the results update immediately. Illustrative only — not a quote, offer or recommendation.
Important considerations
- If the payment does not cover the monthly interest, the balance never clears.
- Assumes no further spending on the account.
Related calculators
- Debt Snowball CalculatorSnowball against avalanche across several debts.
- Credit Card Payoff CalculatorPayoff time and interest on a card balance.
- Personal Loan CalculatorRepayments and total interest on an unsecured personal loan.
- Debt-to-Income Ratio CalculatorFront-end and back-end DTI against lender limits.
- Budget CalculatorNeeds, wants and savings from your take-home pay.
- Loan Payment CalculatorMonthly repayment, total interest and the effect of paying extra each month.
Terms used here
Frequently asked questions
Should I clear the smallest balance or the highest rate first?
The highest rate saves the most money; the smallest balance builds momentum. Use the snowball calculator to compare the two.
Disclaimer
Legamoney calculators are educational tools. Results are estimates based on the figures you enter and do not constitute financial, tax or legal advice.
Last reviewed 2026-08-01