Work out what to pay each period to clear a debt in a set time, or how long a fixed installment takes to pay it off. Works for credit cards, car loans, personal loans and more.
Most people approach a debt from one of two directions. Either they want it gone by a certain date, and need to know how much to pay each period. Or they know how much they can afford to pay each period, and want to know how long it will take. This calculator handles both. Choose a fixed time to find the repayment amount, or a fixed installment to find the payoff time.
Interest builds up on the balance and is added at the compounding frequency you choose. The calculator converts the rate to the matching rate for your payment period, so you can compound monthly and pay weekly, for example. Each payment first covers the interest that has built up and the rest reduces the balance. When you pick a fixed installment, the final payment is usually smaller, because the debt rarely ends on an exact payment. If your installment is no larger than the interest, the balance never falls and the calculator tells you so.
Use it for any debt with a steady rate, such as a personal loan, car loan or student loan. For a credit card, enter your balance and the card rate and try different installments to see how much sooner extra payments clear it. Real card rates and minimum payments change over time, so treat the result as an estimate.
With a fixed time you choose when the debt should be paid off and the calculator finds the payment each period. With a fixed installment you choose the payment and the calculator finds how long it takes.
When you pay a fixed installment the debt rarely ends exactly on a payment date. The final payment is just what remains plus its interest, so it is smaller than the rest.
If the installment is no more than the interest that builds up in one period, none of it reduces the balance and the debt can never be cleared. Raise the installment above the interest shown in the message.
Yes. The calculator converts the rate to the matching rate for each payment period, so you can compound monthly and still pay weekly, biweekly or on any of the other schedules.
Pay more each period, pay more often, or both. Try a higher installment to see how many months you save and how much interest you avoid.
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