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Debt Payoff Calculator

See what your monthly payment means for your payoff date, and what a little extra could do.

The amount you owe today.

The rate charged on this debt.

What you can pay each month.

Estimate for education only, not a quote or an offer from any lender. Your issuer's terms and calculations determine what you actually pay. Numbers you enter stay in your browser; they are not sent to or stored by CreditPilot.

How this calculator works

It applies monthly interest at one-twelfth of your APR, subtracts your payment and repeats until the debt is gone. It then runs the same math with $50 more per month, to show how a small increase could change your result.

Assumptions

  • Your payment is the same every month, with no new charges or fees.
  • Your APR does not change.
  • Your lender’s method may differ. For an installment loan, your scheduled payment and any prepayment terms apply.

Worked example

A $5,000 debt at 24% APR with a $150 monthly payment takes 56 months to pay off and costs about $3,322 in interest. Paying $200 instead takes 36 months and costs about $2,001 in interest.

If the numbers look tough

Contact your lender early to ask what hardship options exist. A nonprofit credit counselor may also be able to help you build a plan. If you have good credit, it may be worth checking whether a balance transfer could lower your costs, after the fee. See also our guide to how APR works.