How It Works

Though there are multiple debt payoff methods, the majority of them consist of paying more toward your debt than the monthly minimum. This way you can get rid of debt faster and save some money on interest. This calculator shows how long it will take to pay off a loan and how much accrued interest will need to be paid by the end of the loan’s payoff period.

1. Enter how much money is currently owed on the loan in the “Loan Balance” text box.
2. Adjust the sliders to match the details of the loan.
3. Move the “Added Monthly Amt” slider to see how paying a bit more each month will save money on interest and change the final payoff date.