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See how long it takes to pay off your debt and how extra payments save interest.
This calculator provides estimates only. Actual loan payments, APR, interest, fees, taxes and terms may vary by lender, country, credit profile and market conditions. Verify with a qualified financial professional or lender.
Monthly: Interest = Balance × (APR/12). Principal reduction = Payment - Interest. Extra payments reduce principal faster.
Result: Payoff: 40 months, Interest: $3,248
Extra payments go directly to principal, reducing total interest and shortening payoff time.
Generally pay off high-interest debt (8%+) before investing, since guaranteed returns beat market uncertainty.
Pay minimum on all debts but put extra money toward the smallest balance first for psychological wins that keep you motivated to continue.
Rate changes alter how much of your payment goes to interest versus principal, so recalculate if your APR changes to stay on track.
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