Extra-payment debt payoff planner.
Compare payoff time and interest with an extra monthly payment on one debt.
UNDERSTAND THE ESTIMATE
How to use this planner
Enter one outstanding balance, its nominal annual interest rate, a regular monthly principal-and-interest payment and an extra monthly amount. Compare payoff time and total interest.
The calculation
Monthly interest = opening balance × annual rate / 1,200. Payments arrive at month end and the final payment is capped at the amount owed. Calculations stop at payoff or 1,200 months; payments that do not reduce the balance have no payoff projection.
Constant monthly interest and end-of-month payments, capped at 1,200 months. No daily accrual, fees, prepayment penalties, new borrowing or changing rates. Estimates are not financial advice.
CFPB guidance on additional debt payments ↗ILLUSTRATIVE EXAMPLE
Follow the numbers
For a 1,000 balance at 0% interest, a regular payment of 200 repays the debt in five months. Adding 50 each month repays it in four months. Interest is zero in both scenarios.
Is this a lender payoff quote?
No. Daily accrual, fees, prepayment penalties, new borrowing and changing rates are excluded. Check how your servicer applies extra payments and any contract restrictions.