Loan Payoff Calculator
See how long until you're debt-free — and how much an extra payment saves.
Estimates for educational purposes only — not financial, tax, or investment advice.
Why a small extra payment goes a long way
On high-interest debt like credit cards, most of your minimum payment goes to interest, not principal. Adding even a modest amount each month attacks the principal directly — which shrinks future interest and compounds in your favor. This calculator shows both your payoff date and exactly how much interest the extra payment saves.
If you see 'payment too low'
That means your monthly payment doesn't cover the interest, so the balance would never fall. Increase the payment until the calculator can compute a payoff date — that's the minimum you need just to make progress.
Frequently asked questions
Is this for credit cards or loans?
Both. Any fixed-balance debt with a monthly interest rate works — credit cards, personal loans, or student loans. For revolving credit, assume you stop adding new charges.
Should I pay off debt or invest?
As a rule of thumb, paying off debt above ~8-10% interest usually beats expected investment returns, because the 'return' from eliminating that interest is guaranteed.