How to use the debt payoff calculator
- Enter the Outstanding balance.
- Enter the Interest rate (APR) shown on your statement or loan agreement.
- Enter the Monthly payment you plan to make.
- Choose the Currency.
- Read Debt-free in, Total interest, Total paid and Last payment, then scroll the Month-by-month schedule or the balance chart. The schedule downloads as CSV.
What it does and when to use it
Debt with a high interest rate, such as a credit card balance or a personal loan, costs more the longer it stays. The SEC’s Investor.gov site points out that credit cards can charge 18% or more, and that hardly any investment reliably earns that much, which is why clearing such debt is often discussed before investing. This calculator shows how much your monthly payment matters.
Try two or three payment amounts. At 18%, paying ₹15,000 a month instead of ₹10,000 on ₹2 lakh clears the debt 9 months sooner and saves about ₹14,750 in interest. Seeing that gap often makes a budget decision easier.
For credit cards with minimum-payment rules, the credit card payoff calculator compares the minimum with a fixed payment. For a loan with a set term, the EMI calculator gives the instalment, and the loan prepayment calculator shows what extra payments save.
How it works
The calculator steps through the debt one month at a time:
- Interest for the month = balance × APR ÷ 12 ÷ 100
- Principal repaid = payment − interest
- New balance = balance − principal repaid
It repeats until the balance reaches zero. In the final month it charges only what is left plus interest. Before it starts, it checks that the payment is larger than the first month’s interest. If not, it stops and shows a warning, since the balance could never fall.
Total interest is the sum of the monthly interest charges, and Total paid is the balance plus that interest.
Worked examples
These figures come from the calculator’s own function.
₹2 lakh at 18%, paying ₹10,000 a month. Debt-free in 2 years, total interest ₹39,565.35, total paid ₹2,39,565.35, last payment ₹9,565.35.
The same debt at ₹15,000 a month. Debt-free in 1 year 3 months, total interest ₹24,814.35, last payment ₹14,814.35.
A payment that only covers interest. $10,000 at 24% with a $200 payment. The calculator warns that the payment does not cover the monthly interest of $200.00, so the balance never falls.
Limits and tips
- No new borrowing. The model assumes you add nothing to the balance while paying it off.
- Fixed rate. If your rate can change, rerun the numbers when it does.
- Fees not included. Late fees, annual fees and penalties add to the real cost.
- Talk to someone if payments are hard. If you cannot meet the payments, your lender or a free, non-profit debt advice service can explain the options.
- Everything is calculated in your browser.
Frequently asked questions
What happens if my payment is too small?
Why is the last payment smaller?
Does it work for several debts at once?
Is the interest worked out the way my lender does it?
Sources
- Pay Off Credit Cards or Other High Interest Debt — U.S. Securities and Exchange Commission (Investor.gov), accessed 2026-10-07
How do we know nothing is uploaded? Test it yourself on the privacy proof page.