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Debt Payoff Calculator

Estimate payoff time and interest for up to three debts — with or without extra monthly payments.

Debt 1

Debt 2 (optional)

Debt 3 (optional)

Results (estimate)

Months to payoff (with extra): —

Approx. payoff date: —

Total interest (with extra): —

Total paid (with extra): —

Interest without extra: —

Interest saved: —

Related tools

EMI Calculator
Debt-to-Income Ratio
Emergency Fund

What does this debt payoff calculator do?

It amortizes each debt month by month using the balance, annual interest rate, minimum payment, and optional extra payment. Debts are calculated independently; combined months use the longest individual payoff.

Formula (concept)

Each month:
  Interest = Remaining balance × (Annual rate ÷ 12)
  Principal = Payment − Interest
  Remaining = Remaining − Principal
Payment = Minimum + Extra
If Payment ≤ Interest (and rate > 0), the balance cannot be paid down.

Example

₹1,50,000 at 18% with ₹5,000 minimum + ₹1,000 extra pays down faster and typically saves interest versus minimum-only payments. Exact months depend on compounding assumptions.

FAQ

Why do I see an error?

If your payment does not cover the monthly interest, the balance never declines. Raise the payment or check the rate.

Are multiple debts linked?

No. Each included debt is paid independently. Combined interest is the sum; combined months are the maximum across debts.