Softonic

Debt Payoff Calculator

Step 1 / 3 Months
Next

Credit card, personal loan, car, student debt, it all behaves the same way: a balance, a rate, a payment, and a compounding clock. This calculator takes those numbers and returns how many months until the debt clears plus the total interest you hand to the lender before you are free.

How to project a payoff schedule

  1. 1

    Enter the current balance

    Use the last statement figure or online balance, not the original loan amount.

  2. 2

    Enter the APR

    Type the annual percentage rate from the agreement, not the monthly rate.

  3. 3

    Set a monthly payment

    Pick an amount at or above the minimum; the tool will warn you if the balance will grow.

  4. 4

    Review the schedule

    See how many months until payoff, the total amount paid and the interest cost.

The formula behind the schedule

Every month the lender adds interest equal to balance * (APR / 12) and then subtracts your payment. The calculator runs that loop until the balance hits zero.

The closed-form number of months is:

N = -log(1 - (r * B) / P) / log(1 + r)

Where B is the balance, P is the monthly payment, and r = APR / 12.

What an extra 50 does

Balance APR Payment Months to payoff Total interest
5,000 22% 150 52 2,798
5,000 22% 200 34 1,750
5,000 22% 250 26 1,286
5,000 22% 300 21 1,022

Doubling the payment does not halve the interest: it cuts it by almost two thirds, because the early months are the most expensive.

Strategy notes

  • Pay above the statement minimum. Credit-card minimums are often 1 to 3 percent of balance, which keeps you in debt for decades.
  • Snowball vs avalanche. Snowball attacks the smallest balance first for momentum. Avalanche attacks the highest APR first for lowest cost. Run both scenarios and compare the total interest.
  • Watch for promo rates expiring. A 0 percent intro rate that jumps to 24.99 percent after 18 months changes the math; re-run with the post-promo APR to see worst case.
  • One extra payment a year. Paying 13 months of payments in 12 trims years off long loans thanks to compounding.

Frequently Asked Questions

The lender charges interest on the full balance, so your first payment mostly covers interest and only a sliver reduces principal. That ratio flips gradually over the life of the loan.

The balance grows every month instead of shrinking. The calculator flags this with a warning and shows no schedule, because such a payment would never reduce the debt.

The base mode assumes a fixed rate. You can simulate a rate hike by splitting the run into two calls, using the balance at the switch date as the new starting balance.

The numbers you enter are used only to compute the schedule. They reach the calculator with each update and appear in the page link as you move through the steps; nothing is stored after you close the page and nothing is shared.

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