What this calculator does
Payoff Path helps you estimate the month and year you could finish paying a debt based on your balance, APR, minimum payment, and any extra principal you add each month. It simulates month-by-month interest and principal reduction until the balance reaches zero, then shows your projected payoff date.
How to use it
- Enter your current balance and APR.
- Add your minimum monthly payment.
- Optionally enter an extra monthly amount to see how much faster you could finish.
- Click Calculate to see your projected payoff month, total months, and interest saved versus paying the minimum only.
Example
For a $7,500 balance at 19.99% APR, paying $200/month plus $50 extra, the model shows an estimated payoff in about 30 months—saving several hundred dollars of interest compared with minimum payments only.
Notes & disclaimer
This is an educational estimate that doesn't include late fees, promotional APR changes, or other lender-specific rules. Always verify against your statement. Paying down principal earlier generally reduces total interest, but your results vary based on actual payments and rate changes.
FAQ
Below are some common questions about how this calculator works.
A: No, it only models principal and interest.
A: Yes, add an extra monthly payment to see the impact.
A: Interest will be 0 and balance reduces by payments.