Debt Payoff Calculator

By making consistent regular payments toward debt service you will eventually pay off your loan. Use this personal loan monthly payment calculator to determine how much longer you will need to make these regular payments in order to eventually eliminate the debt obligation and pay off your loan.  Afterwards, calculate how quickly you can pay off your debts with extra payments. 



Our personal loan monthly payment calculator will help you determine when your loan will be paid off and how much you will spend on your financing. Knowing when your loan will be paid off is important for helping you budget your money and for planning for your financial future. For instance, once a debt has been paid off, you may want to funnel the money you have been using for repayment toward a savings goal or retirement. Determining how long you have until your debt is repaid can also help you make choices about refinancing, if it is something you’re considering.

How Can I Pay My Debts off Quickly?

If using a calculator indicates you will be paying off your debts for longer than anticipated, there are several things you can do to pay off your debts quickly:

  • Budget your money. Money Help Center has calculators to help you budget your money. A budget is simply a list that lets you see how you can best and most efficiently spend monthly income. A budget allocates a certain amount of money for living expenses, fun spending costs, utilities, bills, debt repayments and more. By clearly outlining where your money goes, you can ensure you don’t overspend in any one area, which leaves more of your money free to go toward repaying your debts.
  • Cut expenses. Once you have a budget, you can see any areas where you may need to reduce spending. For example, if you have subscriptions or you’re spending a lot on dining out, you may want to reduce these costs to have more money to pay down your debt.
  • Earn more. Taking a side gig or a part-time or seasonal job can help you bring in extra money to pay off your debt even faster. Even just selling some of what you don’t need can help you bring in extra money you can put toward your loans.
  • Consider whether paying off your loan early is a good idea. Paying off your debt as soon as possible is ideal, but there are a few things to consider. Some loans have penalties for repaying early, and in some cases, you lose tax advantages when you pay early. A mortgage loan may come with a penalty if you repay early, for example, and you lose the tax benefit for your mortgage interest. For home loans, rather than paying off early, you may want to consider refinancing to a lower interest rate, but without adding more years to your loan.

If you would like more help getting control of your finances and debt levels, Money Help Center has calculators to help you budget, evaluate your loans and even consider refinancing. Use our bias-free and no-cost calculators to get control of your financial life.