Money
Debt payoff calculator
See whether a payment reduces the balance and estimate how an extra monthly amount changes the payoff timeline.
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Plain-language method
A useful payoff plan must reduce principal.
Each month, interest is added to the remaining balance and the entered payment is subtracted. If the payment does not cover estimated interest, the calculator flags the plan rather than displaying a misleading payoff date.
Compare the accelerated plan with the current payment, then verify fees, variable rates, settlement rules, and the lender's actual statement.
New balance = previous balance + monthly interest − payment
Results update instantly and stay on your device. Review the assumptions above before relying on an answer.