Debt Payoff Calculator
Take control of your debt with this comprehensive payoff calculator. Enter your current debt balance, interest rate, and monthly payment to see exactly when you'll be debt-free. Compare different payment strategies and discover how even small extra payments can dramatically reduce your payoff time and total interest paid. Perfect for financial advisors, credit counseling services, and personal finance websites helping people achieve financial freedom.
Try the Calculator
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
272
273
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
301
302
303
304
305
306
307
308
309
310
311
312
313
314
315
316
317
318
319
320
321
322
323
324
325
326
327
328
329
330
331
332
333
334
335
336
337
338
339
340
341
342
343
344
345
346
347
348
349
350
351
352
353
354
355
356
357
358
359
360
361
362
export function debtPayoffCalculator(form: FormTs) {
form.addRow(row => {
row.addTextPanel('header', {
computedValue: () => 'Debt Payoff Calculator',
customStyles: { 'font-size': '1.5rem', 'font-weight': '600', 'color': '#1e293b' }
});
});
form.addSpacer({ height: 20 });
// Debt Details Section
const debtSection = form.addSubform('debt', { title: '💳 Debt Details' });
debtSection.addRow(row => {
row.addDecimal('balance', {
label: 'Current Balance',
min: 0,
max: 1000000,
defaultValue: 15000,
placeholder: 'e.g. 15000',
prefix: '$',
isRequired: true,
tooltip: 'Total amount you currently owe'
}, '1fr');
row.addDecimal('interestRate', {
label: 'Annual Interest Rate (APR)',
min: 0,
max: 40,
defaultValue: 18.9,
placeholder: 'e.g. 18.9',
suffix: '%',
isRequired: true
}, '1fr');
});
debtSection.addRow(row => {
row.addDropdown('debtType', {
label: 'Debt Type',
options: [
{ id: 'credit-card', name: 'Credit Card' },
{ id: 'personal-loan', name: 'Personal Loan' },
{ id: 'auto-loan', name: 'Auto Loan' },
{ id: 'student-loan', name: 'Student Loan' },
{ id: 'medical-debt', name: 'Medical Debt' },
{ id: 'other', name: 'Other Debt' }
],
defaultValue: 'credit-card'
});
});
// Payment Section
const paymentSection = form.addSubform('payment', { title: '💵 Payment Plan' });
paymentSection.addRow(row => {
row.addDecimal('monthlyPayment', {
label: 'Monthly Payment',
min: 0,
max: 100000,
defaultValue: 400,
placeholder: 'e.g. 400',
prefix: '$',
isRequired: true,
tooltip: 'Amount you pay each month'
}, '1fr');
row.addDecimal('extraPayment', {
label: 'Extra Monthly Payment',
min: 0,
max: 50000,
defaultValue: 0,
placeholder: 'e.g. 100',
prefix: '$',
tooltip: 'Additional amount to pay down principal faster'
}, '1fr');
});
paymentSection.addRow(row => {
row.addTextPanel('minimumPaymentWarning', {
computedValue: () => {
const balance = debtSection.decimal('balance')?.value() || 15000;
const rate = (debtSection.decimal('interestRate')?.value() || 18.9) / 100;
const monthlyPayment = paymentSection.decimal('monthlyPayment')?.value() || 400;
const monthlyRate = rate / 12;
const monthlyInterest = balance * monthlyRate;
if (monthlyPayment <= monthlyInterest) {
return `Your payment must be higher than $${(Number(monthlyInterest) || 0).toFixed(2)} (monthly interest) to pay down debt.`;
}
return '';
},
customStyles: { 'font-size': '0.9rem', 'color': '#dc2626', 'text-align': 'center', 'font-weight': '500' }
});
});
form.addSpacer({ height: 20, showLine: true, lineStyle: 'dashed' });
// Results Section
const resultsSection = form.addSubform('results', { title: '📊 Payoff Timeline', isCollapsible: false });
resultsSection.addRow(row => {
row.addPriceDisplay('payoffMonths', {
label: 'Time to Payoff',
computedValue: () => {
const balance = debtSection.decimal('balance')?.value() || 15000;
const rate = (debtSection.decimal('interestRate')?.value() || 18.9) / 100;
const monthlyPayment = paymentSection.decimal('monthlyPayment')?.value() || 400;
const extraPayment = paymentSection.decimal('extraPayment')?.value() || 0;
const totalPayment = monthlyPayment + extraPayment;
const monthlyRate = rate / 12;
if (totalPayment <= balance * monthlyRate) {
return 999; // Never pays off
}
// Calculate months to payoff
const months = Math.ceil(
Math.log(totalPayment / (totalPayment - balance * monthlyRate)) / Math.log(1 + monthlyRate)
);
return months;
},
variant: 'large',
prefix: '',
suffix: () => {
const balance = debtSection.decimal('balance')?.value() || 15000;
const rate = (debtSection.decimal('interestRate')?.value() || 18.9) / 100;
const monthlyPayment = paymentSection.decimal('monthlyPayment')?.value() || 400;
const extraPayment = paymentSection.decimal('extraPayment')?.value() || 0;
const totalPayment = monthlyPayment + extraPayment;
const monthlyRate = rate / 12;
if (totalPayment <= balance * monthlyRate) {
return ' (never)';
}
const months = Math.ceil(
Math.log(totalPayment / (totalPayment - balance * monthlyRate)) / Math.log(1 + monthlyRate)
);
const years = Math.floor(months / 12);
const remainingMonths = months % 12;
if (years > 0 && remainingMonths > 0) {
return ` months (${years}y ${remainingMonths}m)`;
} else if (years > 0) {
return ` months (${years} years)`;
}
return ' months';
}
}, '1fr');
row.addTextPanel('payoffDate', {
label: 'Debt-Free Date',
computedValue: () => {
const balance = debtSection.decimal('balance')?.value() || 15000;
const rate = (debtSection.decimal('interestRate')?.value() || 18.9) / 100;
const monthlyPayment = paymentSection.decimal('monthlyPayment')?.value() || 400;
const extraPayment = paymentSection.decimal('extraPayment')?.value() || 0;
const totalPayment = monthlyPayment + extraPayment;
const monthlyRate = rate / 12;
if (totalPayment <= balance * monthlyRate) {
return 'Never (increase payments)';
}
const months = Math.ceil(
Math.log(totalPayment / (totalPayment - balance * monthlyRate)) / Math.log(1 + monthlyRate)
);
const payoffDate = new Date();
payoffDate.setMonth(payoffDate.getMonth() + months);
return payoffDate.toLocaleDateString('en-US', { month: 'long', year: 'numeric' });
},
customStyles: { 'font-size': '1.1rem', 'font-weight': '600', 'text-align': 'center', 'color': '#059669' }
}, '1fr');
});
resultsSection.addRow(row => {
row.addPriceDisplay('totalInterest', {
label: 'Total Interest Paid',
computedValue: () => {
const balance = debtSection.decimal('balance')?.value() || 15000;
const rate = (debtSection.decimal('interestRate')?.value() || 18.9) / 100;
const monthlyPayment = paymentSection.decimal('monthlyPayment')?.value() || 400;
const extraPayment = paymentSection.decimal('extraPayment')?.value() || 0;
const totalPayment = monthlyPayment + extraPayment;
const monthlyRate = rate / 12;
if (totalPayment <= balance * monthlyRate) {
return 0;
}
let remainingBalance = balance;
let totalInterestPaid = 0;
while (remainingBalance > 0) {
const interestCharge = remainingBalance * monthlyRate;
totalInterestPaid += interestCharge;
const principalPayment = Math.min(totalPayment - interestCharge, remainingBalance);
remainingBalance -= principalPayment;
if (remainingBalance < 0.01) break;
if (totalInterestPaid > balance * 10) break; // Safety limit
}
return Math.round(totalInterestPaid);
},
variant: 'warning'
}, '1fr');
row.addPriceDisplay('totalPaid', {
label: 'Total Amount Paid',
computedValue: () => {
const balance = debtSection.decimal('balance')?.value() || 15000;
const rate = (debtSection.decimal('interestRate')?.value() || 18.9) / 100;
const monthlyPayment = paymentSection.decimal('monthlyPayment')?.value() || 400;
const extraPayment = paymentSection.decimal('extraPayment')?.value() || 0;
const totalPayment = monthlyPayment + extraPayment;
const monthlyRate = rate / 12;
if (totalPayment <= balance * monthlyRate) {
return 0;
}
let remainingBalance = balance;
let totalPaid = 0;
while (remainingBalance > 0) {
const interestCharge = remainingBalance * monthlyRate;
const payment = Math.min(totalPayment, remainingBalance + interestCharge);
totalPaid += payment;
remainingBalance -= (payment - interestCharge);
if (remainingBalance < 0.01) break;
if (totalPaid > balance * 10) break;
}
return Math.round(totalPaid);
},
variant: 'default'
}, '1fr');
});
// Savings Comparison Section
const savingsSection = form.addSubform('savings', { title: '💰 Extra Payment Savings', isCollapsible: false });
savingsSection.addRow(row => {
row.addPriceDisplay('interestSaved', {
label: 'Interest Saved',
computedValue: () => {
const balance = debtSection.decimal('balance')?.value() || 15000;
const rate = (debtSection.decimal('interestRate')?.value() || 18.9) / 100;
const monthlyPayment = paymentSection.decimal('monthlyPayment')?.value() || 400;
const extraPayment = paymentSection.decimal('extraPayment')?.value() || 0;
const monthlyRate = rate / 12;
// Calculate interest without extra payment
let remainingBalance = balance;
let interestWithoutExtra = 0;
if (monthlyPayment > balance * monthlyRate) {
while (remainingBalance > 0) {
const interestCharge = remainingBalance * monthlyRate;
interestWithoutExtra += interestCharge;
remainingBalance -= (monthlyPayment - interestCharge);
if (remainingBalance < 0.01 || interestWithoutExtra > balance * 10) break;
}
}
// Calculate interest with extra payment
remainingBalance = balance;
let interestWithExtra = 0;
const totalPayment = monthlyPayment + extraPayment;
if (totalPayment > balance * monthlyRate) {
while (remainingBalance > 0) {
const interestCharge = remainingBalance * monthlyRate;
interestWithExtra += interestCharge;
remainingBalance -= (totalPayment - interestCharge);
if (remainingBalance < 0.01 || interestWithExtra > balance * 10) break;
}
}
return Math.round(interestWithoutExtra - interestWithExtra);
},
variant: 'success',
prefix: '+$'
}, '1fr');
row.addPriceDisplay('monthsSaved', {
label: 'Months Saved',
computedValue: () => {
const balance = debtSection.decimal('balance')?.value() || 15000;
const rate = (debtSection.decimal('interestRate')?.value() || 18.9) / 100;
const monthlyPayment = paymentSection.decimal('monthlyPayment')?.value() || 400;
const extraPayment = paymentSection.decimal('extraPayment')?.value() || 0;
const monthlyRate = rate / 12;
if (monthlyPayment <= balance * monthlyRate) return 0;
const monthsWithoutExtra = Math.ceil(
Math.log(monthlyPayment / (monthlyPayment - balance * monthlyRate)) / Math.log(1 + monthlyRate)
);
const totalPayment = monthlyPayment + extraPayment;
if (totalPayment <= balance * monthlyRate) return 0;
const monthsWithExtra = Math.ceil(
Math.log(totalPayment / (totalPayment - balance * monthlyRate)) / Math.log(1 + monthlyRate)
);
return monthsWithoutExtra - monthsWithExtra;
},
variant: 'success',
prefix: '',
suffix: ' months'
}, '1fr');
});
savingsSection.addRow(row => {
row.addTextPanel('savingsNote', {
computedValue: () => {
const extraPayment = paymentSection.decimal('extraPayment')?.value() || 0;
if (extraPayment === 0) {
return 'Add an extra payment above to see how much you could save!';
}
return `By adding $${extraPayment}/month extra, you accelerate your debt freedom!`;
},
customStyles: { 'font-size': '0.95rem', 'color': '#475569', 'text-align': 'center', 'font-weight': '500' }
});
});
// Summary Section
const summarySection = form.addSubform('summary', {
title: '🧾 Summary',
isCollapsible: false,
sticky: 'bottom'
});
summarySection.addRow(row => {
row.addTextPanel('summaryText', {
computedValue: () => {
const balance = debtSection.decimal('balance')?.value() || 15000;
const rate = debtSection.decimal('interestRate')?.value() || 18.9;
const monthlyPayment = paymentSection.decimal('monthlyPayment')?.value() || 400;
const extraPayment = paymentSection.decimal('extraPayment')?.value() || 0;
const totalPayment = monthlyPayment + extraPayment;
return `Paying $${totalPayment.toLocaleString()}/month on $${balance.toLocaleString()} at ${rate}% APR`;
},
customStyles: { 'font-size': '1rem', 'font-weight': '600', 'text-align': 'center', 'color': '#1e293b' }
});
});
summarySection.addRow(row => {
row.addTextPanel('disclaimer', {
computedValue: () => 'Estimates for planning purposes. Actual payoff may vary based on interest rate changes, fees, and payment timing.',
customStyles: { 'font-size': '0.8rem', 'color': '#64748b', 'text-align': 'center' }
});
});
form.configureSubmitButton({
label: 'Save My Plan'
});
}
Frequently Asked Questions
What is the debt avalanche method?
The debt avalanche method focuses on paying off debts with the highest interest rates first while making minimum payments on others. This mathematically saves the most money on interest over time.
What is the debt snowball method?
The debt snowball method pays off the smallest debts first regardless of interest rate. While it may cost more in interest, the psychological wins of eliminating debts quickly can help maintain motivation.
How do extra payments help?
Extra payments go directly toward your principal balance, reducing the amount that accrues interest. Even small extra payments can save hundreds or thousands in interest and shave months or years off your payoff timeline.
Can I customize this calculator for my website?
Yes. You can adjust all parameters, add your branding, and embed it on your financial services website to help visitors understand their debt payoff options.
What debts should I include?
Include any debt with interest: credit cards, personal loans, auto loans, student loans, or any other debt you want to pay off. For mortgages, consider using a dedicated mortgage calculator.