Debt payoff calculator

Enter your balance, interest rate and monthly payment to see when you will be debt-free, and what an extra payment saves.

How it works

  1. Enter your balance, the annual interest rate and what you pay each month.
  2. Add an extra amount to see how much sooner you are debt-free and how much interest you avoid.

Questions

Why does the balance barely move at first?

At the start, most of each payment goes to interest. Paying more than the minimum shortens the debt a lot.

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