LOANS
Debt Payoff Calculator
Estimate your debt-free date and compare paying expensive debt first or smallest debt first.
This tool is for existing debts where you already know your EMI or minimum payment. Want to calculate EMI for a new loan? Use Loan EMI Calculator ›
Pay expensive debt first (Avalanche). This may reduce total interest.
Your debts
Current outstanding amount
Use the yearly rate. If your credit card shows 3% per month, enter about 36% yearly.
For loans, use EMI. For credit cards, use the minimum amount due from your statement.
Current outstanding amount
Use the yearly rate. If your credit card shows 3% per month, enter about 36% yearly.
For loans, use EMI. For credit cards, use the minimum amount due from your statement.
How much extra can you pay each month?
Any amount you can pay above the minimums.
Total monthly: ₹12,500
DEBT-FREE IN
2y
May 2028
Total interest
₹44,505
Interest saved
₹55,426
vs minimums only
Months saved
23 months
Total paid
₹2.95 Lakh
Payoff order
What this means
Under pay expensive debt first (Avalanche), the first focus is Credit Card because it has the highest interest rate (36%). This debt has a higher interest rate than the others you entered. Review lender rules, fees, and repayment terms carefully. Paying ₹5,000 extra per month saves 23 months and ₹55,426 in interest.
What can change this
New borrowing, missed payments, fees, rate changes, or paying less than the planned extra amount can extend the payoff timeline.
What to check next
Check whether the extra monthly payment is realistic, then compare both strategies to see which approach is easier to follow.
Costs and assumptions
This estimate is based only on the information entered here.
Example repayment scenario
If a credit card balance has a higher yearly rate than a personal loan, the expensive-debt-first path directs the extra amount to the card first while keeping minimum payments on other debts. The smallest-debt-first path directs the extra amount to the lowest balance first.
Both views are estimates. Actual payoff timing can change if fees, GST on charges, minimum dues, interest rates, or missed payments change.
When to use this calculator
- Comparing pay expensive debt first and pay smallest debt first paths.
- Estimating a debt-free date from balances, rates, minimum payments, and extra payment.
- Checking credit card debt using an approximate annual rate.
- Separating loan EMI commitments from credit card minimum amount due.
How the payoff estimate is calculated
This shows the simplified method used for the estimate. It is meant for transparency, not as a full financial model.
Formula
Scroll sideways if the formula is wider than the screen.
Assumption: Minimum payments stay constant. Extra payment redistributes as debts are cleared. The estimate simulates one month at a time until all balances reach zero.
Does not account for late fees, penal interest, variable minimums, GST on charges, settlement costs, foreclosure charges, or changing interest rates.
Frequently asked questions
What is the debt payoff calculator?
What is expensive-debt-first?
What is smallest-debt-first?
What interest rate should I enter for a credit card?
Does this include late fees or penalties?
Is this debt advice?
Educational estimate only. This calculator uses simplified assumptions based on your inputs. Actual outcomes may differ because of market returns, taxes, fees, inflation, product rules, exit penalties, lender charges, and personal circumstances. This is not financial, investment, tax, or legal advice. Actual EMI, interest rate, processing fee, GST, insurance, legal or valuation charges, prepayment rules, and lender approval terms may vary by bank or NBFC.