Loan Payoff Calculator 💳
See your debt-free date.
Your loan
At this rate, your payment doesn't cover the monthly interest. Increase it above .
How to use this calculator
Enter your current loan balance.
Add the loan's annual percentage rate (APR).
Enter the monthly payment you're making (or plan to make).
See how many months until you're debt-free, plus total interest.
Bump the payment up to see how fast the timeline shrinks.
Calculation method
Data source: Standard amortization formula.
Last data update: May 24, 2026
Worked examples
$8,000 · 18% · $200/mo
Paying just the minimum keeps you stuck for years.
$8,000 · 18% · $250/mo
Add $50 and save $1,090 in interest.
$15,000 · 7% · $350/mo
Frequently asked questions
When your monthly payment is less than the interest accruing each month, the balance grows instead of shrinking. The calculator flags this and shows the minimum.
Avalanche (highest APR first) saves the most money. Snowball (smallest balance first) gives quicker wins and helps motivation. Both work; the best one is the one you stick with.
Generally: pay anything above ~6–8% APR first, get any 401(k) employer match, then invest. Below ~5% it usually makes sense to invest in parallel.