Debt Pay Off Calculator for Calculating Payoff Goal Payment

Debt Pay Off Calculator Sign

This calculator will calculate the monthly payment required to pay off a given debt within the length of time you specify.

You can either: select the month and year of your payoff goal, or you can enter the number of months.

Plus, the debt payoff calculations will also tell you how much interest you will save by shortening the term of the loan.

Finally, the results include a comparison chart, a text summary, and an interest-cost comparison bar graph.

A Penny Saved ...

If you shorten the length of time to pay off a debt, you will also reduce the total interest charges you end up paying to your lender.

And when you reduce the interest charges, you are essentially increasing your spendable income by the amount saved. So who would you rather see earn that extra income, you? Or your lender?

Read more ...

Debt Pay Off Calculator

Calculate the debt payment required to meet your payoff goal and see how much interest you'll save if you achieve your goal.

Special Instructions

Learn More

Selected Data Record:

A Data Record is a set of calculator entries that are stored in your web browser's Local Storage. If a Data Record is currently selected in the "Data" tab, this line will list the name you gave to that data record. If no data record is selected, or you have no entries stored for this calculator, the line will display "None".

DataData recordData recordSelected data record: None
Balance:Balance owed:Current balance owed:Current principal balance owed:

Current principal balance owed:

Enter the amount you still owe on the debt, but without the dollar sign or any commas. Due to future interest charges that may or may not apply, the amount you owe cannot be arrived at by simply multiplying your payment amount by the number of payments remaining. You may need to call your lender and ask what the current payoff amount is.

Rate %:Interest rate %:Annual interest rate percent:Annual interest rate percentage:

Annual interest rate percentage:

Enter the annual interest rate percentage you are being charged for the debt, but without the percent sign (for .10 or 10%, enter 10).

Monthly pmt:Monthly payment:Current monthly payment amount:Current monthly payment amount:

Current monthly payment amount:

Enter the amount of your current monthly payment. Enter as a dollar amount, but without the dollar sign and any commas.

Pay off:Pay off by:Payoff goal month and year:Payoff goal month and year:

Payoff goal month and year:

Select the month and year you would like to pay the debt off by. Once a future date is selected, the number of payments field on the next line will automatically be populated with the number of months between now and your selected month/year.

Or # pmts:Or # payments:Or, number of payments to pay off:Or, number of payments to pay off debt:

Or, number of payments to pay off debt:

If you want to enter the number of months instead of selecting the month and year, simply enter the number of months in this field.

Debt Payoff Comparison
PmtPmtPaymentMonthly payment:

Monthly payment row:

This row compares the current monthly payment amount with the pay off goal payment amount.

# pmts# pmts# of paymentsNumber of payments:

Number of payments row:

This row compares the number of payments remaining for the current payment amount and for the pay off goal payment amount.

CostCostInterest costTotal interest cost:

Total interest cost row:

This row compares the total interest cost for the current payment amount and for the pay off goal payment amount.

Mon/YrMon/YrPayoff month/yearPayoff month/year:

Payoff month/year row:

This row compares the month and year this debt will be paid off for the current payment amount and for the pay off goal payment amount.

If you would like to save the current entries to the secure online database, tap or click on the Data tab, select "New Data Record", give the data record a name, then tap or click the Save button. To save changes to previously saved entries, simply tap the Save button. Please select and "Clear" any data records you no longer need.

Help and Tools

Adjust Calculator Width:

Move the slider to left and right to adjust the calculator width. Note that the Help and Tools panel will be hidden when the calculator is too wide to fit both on the screen. Moving the slider to the left will bring the instructions and tools panel back into view.

Also note that some calculators will reformat to accommodate the screen size as you make the calculator wider or narrower. If the calculator is narrow, columns of entry rows will be converted to a vertical entry form, whereas a wider calculator will display columns of entry rows, and the entry fields will be smaller in size ... since they will not need to be "thumb friendly".

Show/Hide Popup Keypads:

Select Show or Hide to show or hide the popup keypad icons located next to numeric entry fields. These are generally only needed for mobile devices that don't have decimal points in their numeric keypads. So if you are on a desktop, you may find the calculator to be more user-friendly and less cluttered without them.

Stick/Unstick Tools:

Select Stick or Unstick to stick or unstick the help and tools panel. Selecting "Stick" will keep the panel in view while scrolling the calculator vertically. If you find that annoying, select "Unstick" to keep the panel in a stationary position.

If the tools panel becomes "Unstuck" on its own, try clicking "Unstick" and then "Stick" to re-stick the panel.