Debt Payoff Calculator

Use this free debt payoff calculator to see how long a credit card or loan will take to clear, what it costs you in interest, and how much faster a small extra payment gets you debt-free.

How it works

The tool works out how many months it takes to clear your balance at a fixed monthly payment and interest rate, then totals the interest you pay along the way. If your payment is too small to cover the monthly interest, the balance never falls, so the tool warns you to pay more. For several debts, the snowball method clears the smallest balance first for quick motivation, while the avalanche method targets the highest rate first to save the most. More in how to get out of debt.

Frequently asked questions

Should I save or pay off debt first?

Clear high-interest debt like credit cards first, because the interest usually costs more than savings earn. Keep a small emergency buffer so a surprise does not push you straight back into borrowing.

Snowball or avalanche method?

The avalanche method (highest interest rate first) saves the most money. The snowball method (smallest balance first) gives quicker wins that keep you motivated. The best one is the one you will actually stick with.

Is credit-card interest halal?

Conventional interest is riba, which most scholars prohibit. The simplest way to avoid it is to clear the balance in full every month, or use a debit card or an Islamic-bank alternative. See our guides on riba and Islamic banking.

Keep learning

• How to get out of debt
• Emergency fund calculator
• 50/30/20 budget rule

Educational tool only. Not financial, tax or religious advice.