Debt Payoff Calculator

Debt Payoff Calculator is a financial planning calculator to calculate how much earlier you can payoff your loan and money you can save by paying your debt off early.

Early Debt Payoff Calculator

Debt Balance
$
Interest Rate
Current Monthly Payment
$
Extra Monthly Payment
$
OR
Desired Payoff Years
years

Original vs. Early Debt Payoff

Original Early Payoff
Monthly Payment
$758.45
$1,108.45
Expected Payoff Time
24 months
16 months
Total Interest
$3,031.30 $1,954.35
Total Principal
$15,000.00 $15,000.00
Total Payment
$18,031.30 $16,954.35
Total Interest Savings
$0 $1,076.94
Payoff Date
Nov, 2026 Mar, 2026

Debt Early Payoff Amortization Schedule

Payment Date Payment # Interest Paid Principal Paid Total Payment Remaining Balance
Dec, 2024 1 $231.25 $877.20 $1,108.45 $14,122.80
Jan, 2025 2 $217.73 $890.72 $1,108.45 $13,232.08
Feb, 2025 3 $203.99 $904.46 $1,108.45 $12,327.62
Mar, 2025 4 $190.05 $918.40 $1,108.45 $11,409.22
Apr, 2025 5 $175.89 $932.56 $1,108.45 $10,476.66
May, 2025 6 $161.52 $946.93 $1,108.45 $9,529.73
Jun, 2025 7 $146.92 $961.53 $1,108.45 $8,568.20
Jul, 2025 8 $132.09 $976.36 $1,108.45 $7,591.84
Aug, 2025 9 $117.04 $991.41 $1,108.45 $6,600.43
Sep, 2025 10 $101.76 $1,006.69 $1,108.45 $5,593.74
Oct, 2025 11 $86.24 $1,022.21 $1,108.45 $4,571.52
Nov, 2025 12 $70.48 $1,037.97 $1,108.45 $3,533.55
Dec, 2025 13 $54.48 $1,053.97 $1,108.45 $2,479.58
Jan, 2026 14 $38.23 $1,070.22 $1,108.45 $1,409.35
Feb, 2026 15 $21.73 $1,086.72 $1,108.45 $322.63
Mar, 2026 16 $4.97 $322.63 $327.60 $0.00

How to pay off your debt faster?

One of the best ways to pay off your debt faster is to make extra monthly payments to reduce your principal balance. Since the interest payment is calculated based on the remaining balance of your debt, the smaller the balance, the fewer interest payments you will pay each month. This will mean lower monthly payments and when you keep making additional principal payments, not only you can save lots of money on interest, but you can also pay off your debt much earlier.


How to pay off multiple debts?

If you have more than one debt such as credit card debt or personal loans, you can use the help of snowball method or avalanche method to accelerate your payoff time.

By increasing your monthly payment, or set a desired payoff years that is shorter than your current payoff date, the early debt payoff calculator will show you the new payoff date, monthly payments, and loan amortization schedule.

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