Free tool
Debt payoff calculator
Overview
See how long it takes to pay off a card or loan at a fixed payment.
Want this tracked every month? Wrenfold keeps your budget on your own device. See Wrenfold
Excel workbook · $24
Debt Avalanche & Amortization Matrix
Enter your debts and one monthly amount and see the order, the dates and the interest you avoid, in a file that never connects to your bank.
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Free to use. Paste this where you want it to appear. It runs in the visitor's browser, so nothing they enter is sent to us, and the line under it links back to this page.
How it works
How it works
Each month interest is added to the balance, then your payment is subtracted. The calculator finds how many payments it takes to reach zero.
FAQ
About this calculator
Why does it say to enter a bigger payment?
If your payment is no more than the monthly interest, the balance never goes down, so there is no payoff date.
Does it include new charges?
No. It assumes you add nothing to the balance.
How much would an extra payment save?
Try a larger monthly payment and compare the total interest.
Is anything saved?
No. The math runs in your browser and nothing you enter is sent to us.
Is this tax or financial advice?
No. It is a calculator for general information. Check the numbers against your own records, and ask an accountant before you act on them.
Read the guide: How to Pay Off Credit Card Debt: The Numbers. Related: simple interest calculator, savings goal calculator. See all free tools. More free tools: Asset turnover ratio calculator, WACC calculator, Operating leverage and break-even, or see all free tools.
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General information, not tax or legal advice. How we write and check our tools.
Excel workbook
Debt Avalanche & Amortization Matrix
Enter your debts and one monthly amount and see the order, the dates and the interest you avoid, in a file that never connects to your bank.
Also in the Home and Big Purchase Bundle: 4 products for $55 instead of $76 separately.
Wrenfold
Keep this going in a budget you own
Wrenfold keeps accounts, budgets, bills and goals on your own computer or iPhone, with budgets that roll over each month. Bring in a bank CSV or your You Need A Budget file, or keep balances current through SimpleFIN Bridge, a separate service you sign up for. $79 once, with an optional $5 a month for updates; the app keeps working if you stop. The free trial records up to 60 entries.
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