ClearSum

Debt Payoff Calculator

See how long it will take to pay off a debt, and how much time and interest you could save by adding an extra amount to your monthly payment.

Calculator

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How It Works

This calculator simulates your balance month by month, applying interest and then your payment, the same way the Credit Card Payoff Calculator does. It works for any debt with a balance, interest rate, and monthly payment — not just credit cards.

If you enter an extra monthly payment, it runs the same simulation a second time with that extra amount added, and shows how much sooner you'd be debt-free and how much interest you'd save.

Not included: Works for any single debt with a fixed rate and payment — it doesn't allocate payments across multiple debts (like a snowball or avalanche strategy across several balances).

Formula

Each month: interest = balance × (APR ÷ 12); balance = balance + interest − payment
  • balance — Remaining debt balance
  • APR — Annual interest rate
  • payment — Fixed monthly payment

Example

Example inputs: Balance $8,000, 15% APR, $250/month payment, plus $100/month extra.

Result: Time to pay off: 42 months. With the extra $100/month: 28 months — 14 months sooner, saving $800.24 in interest.

Frequently Asked Questions

What kinds of debt can I use this for?

Any debt with a balance, a fixed interest rate, and a regular payment — personal loans, medical debt, or credit cards. For a loan with a truly fixed term (like a mortgage or auto loan), the dedicated loan calculators may be more precise.

Should I pay off multiple debts with this?

This calculator handles one balance at a time. If you have several debts, common strategies include paying off the highest-rate balance first (saves the most interest) or the smallest balance first (a quick psychological win) — apply this calculator to whichever debt you're focusing extra payments on.

Does extra payment amount matter more early or late in the payoff?

Extra payments made earlier reduce the balance interest accrues on sooner, generally producing more total interest savings than the same extra amount applied later — though this calculator assumes a consistent extra payment every month rather than a one-time lump sum.

This calculator provides estimates for informational purposes only and should not be considered financial, tax, or legal advice.