Debt payoff calculator
See how long it could take to clear a debt and how much interest extra payments could save.
These figures are estimates for learning purposes. They are not a quote or an offer from a lender.
How it works
Each month, interest is added at one twelfth of the annual rate and your payment is subtracted, until the balance reaches zero. If the payment is not more than the monthly interest, the debt would never be repaid.
Assumptions
The rate stays the same, no new spending or fees are added, and every payment is made on time. Credit cards often calculate interest daily and set minimum payments that change, so real results can differ.
Global Loan Advisor is an independent educational research platform. We do not lend money, broker loans, guarantee financial outcomes or provide personalized financial advice. Our content is intended for general educational purposes. Your figures stay in your browser and are not sent to us.