How to use this calculator
What this debt payoff calculator estimates
This debt payoff calculator estimates how long it may take to pay off several debts when you keep a fixed monthly payoff budget. Enter each debt balance, annual percentage rate, and minimum monthly payment. The calculator adds your minimum payments together, adds any extra monthly payment you choose, and then applies that monthly budget until all balances reach zero.
The payoff estimate is month-by-month. Each month, the calculator adds estimated interest to every active debt, makes the listed minimum payments, and then applies any remaining money to the selected priority debt. You can choose highest APR first, smallest balance first, or largest balance first. Highest APR first can reduce interest cost, while smallest balance first can make the plan feel easier to follow because smaller debts disappear sooner.
The basic formula used for monthly interest is balance multiplied by APR divided by 12. For example, a $5,000 balance at 18 percent APR adds about $75 of interest in the first month before payments are applied. Actual lender calculations may vary because of daily interest, fees, promotional rates, grace periods, payment posting dates, or changes in your minimum payment.
Use the result as an educational planning estimate, not as financial advice or a lender payoff quote. For the most accurate decision, compare this estimate with statements from your lenders and confirm whether extra payments go toward principal automatically.
- Add every balance you want included in the payoff plan.
- Use the current APR from your statement, not a promotional rate that is about to expire.
- Test different extra payments to see the possible time and interest savings.
Sources and calculation notes
Our numerical examples use the monthly model described in our methodology. For account rules and terminology, see:
Content updated October 22, 2026. Examples are illustrations, not lender offers or account-specific payoff quotes.