Debt payoff strategy
List your debts (card, loan, instalments) and a monthly budget — see which payoff order costs less interest and which clears a debt sooner.
Open calculatorDebt payoff timeline
Simulates the payoff month by month: interest is posted each month (balance × rate/12, rounded to the cent) and the fixed payment covers interest first, then principal. Months, total interest and the final partial payment come straight from that schedule. If your payment does not exceed the first month’s interest, the debt will never shrink.
Current principal balance owed on your loan or credit card.
Nominal annual percentage rate (APR) converted to a monthly rate.
%
Fixed amount you pay toward the debt every month.
Payments (months) to pay off
32
Final partial payment
341.91
Total interest to pay
3,941.91
Total amount repaid
18,941.91
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Payment schedule
| Month | Payment | Interest | Principal | Balance after |
|---|---|---|---|---|
| 1 | 600.00 | 225.00 | 375.00 | 14,625.00 |
| 2 | 600.00 | 219.38 | 380.62 | 14,244.38 |
| 3 | 600.00 | 213.67 | 386.33 | 13,858.05 |
| 4 | 600.00 | 207.87 | 392.13 | 13,465.92 |
| 5 | 600.00 | 201.99 | 398.01 | 13,067.91 |
| 6 | 600.00 | 196.02 | 403.98 | 12,663.93 |
| 7 | 600.00 | 189.96 | 410.04 | 12,253.89 |
| 8 | 600.00 | 183.81 | 416.19 | 11,837.70 |
| 9 | 600.00 | 177.57 | 422.43 | 11,415.27 |
| 10 | 600.00 | 171.23 | 428.77 | 10,986.50 |
| 11 | 600.00 | 164.80 | 435.20 | 10,551.30 |
| 12 | 600.00 | 158.27 | 441.73 | 10,109.57 |
| 13 | 600.00 | 151.64 | 448.36 | 9,661.21 |
| 14 | 600.00 | 144.92 | 455.08 | 9,206.13 |
| 15 | 600.00 | 138.09 | 461.91 | 8,744.22 |
| 16 | 600.00 | 131.16 | 468.84 | 8,275.38 |
| 17 | 600.00 | 124.13 | 475.87 | 7,799.51 |
| 18 | 600.00 | 116.99 | 483.01 | 7,316.50 |
| 19 | 600.00 | 109.75 | 490.25 | 6,826.25 |
| 20 | 600.00 | 102.39 | 497.61 | 6,328.64 |
| 21 | 600.00 | 94.93 | 505.07 | 5,823.57 |
| 22 | 600.00 | 87.35 | 512.65 | 5,310.92 |
| 23 | 600.00 | 79.66 | 520.34 | 4,790.58 |
| 24 | 600.00 | 71.86 | 528.14 | 4,262.44 |
| 25 | 600.00 | 63.94 | 536.06 | 3,726.38 |
| 26 | 600.00 | 55.90 | 544.10 | 3,182.28 |
| 27 | 600.00 | 47.73 | 552.27 | 2,630.01 |
| 28 | 600.00 | 39.45 | 560.55 | 2,069.46 |
| 29 | 600.00 | 31.04 | 568.96 | 1,500.50 |
| 30 | 600.00 | 22.51 | 577.49 | 923.01 |
| 31 | 600.00 | 13.85 | 586.15 | 336.86 |
| 32 | 341.91 | 5.05 | 336.86 | 0.00 |
Assumes a fixed rate and no extra fees. The final payment is smaller — it only covers what is left. The schedule runs for at most 1,200 months.
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Educational estimate only. Not medical, tax, legal or financial advice.