Estimate how long it will take to pay off your debt, how much total interest you’ll pay, and how much faster you can become debt-free with extra monthly payments.
This tool assumes a fixed APR and one payment per month. Results are estimates. If your payment is too low to cover monthly interest, payoff is not possible until you increase the payment.
| # | Payment | Interest | Principal | Balance |
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Each month, interest is calculated on your remaining balance using your APR. Your payment is then applied: interest first, and whatever remains reduces the principal (your balance).
If your payment doesn’t cover the monthly interest, your balance will grow and you won’t reach payoff. In that case, increase your payment or lower the APR (e.g., via refinancing).