Credit & Loan
Debt Payoff Planner
Plan your debt-free date and see how extra monthly payments save interest
Debt details
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%
₹
₹
Payoff summary
0 months
How the Debt Payoff Planner works
This planner simulates month-by-month amortisation on your outstanding balance. It compares paying only the minimum versus adding an extra amount each month, showing how much interest you save and how many months you shave off.
Monthly interest = Balance × (APR / 12 / 100)
Principal paid = Payment − Interest • Repeats until balance reaches zero
Principal paid = Payment − Interest • Repeats until balance reaches zero
If your minimum payment does not cover monthly interest, the debt will never be paid off — increase your payment amount.
Why use it
Detailed features
Debt-free date
See the estimated month and year when your balance hits zero.
Extra payment impact
Compare minimum-only vs minimum + extra payment side by side.
Interest savings
Know exactly how much interest you avoid by paying more each month.
On the go
Get the same planner plus 60+ tools in the free Toolance Android app.
Frequently asked questions
You clear the smallest balance first while paying minimums on others, then roll freed cash to the next debt. Quick wins can motivate behaviour even if math favours another order.
You target the highest interest rate debt first. This minimises total interest paid over time if you stick to the plan.
Almost always attack high-interest unsecured debt like credit cards before low-rate home loans, unless you need home loan tax benefit under old regime and have surplus only for prepayment.
Every extra rupee above the EMI cuts principal faster and saves interest. Enter an additional amount in the planner to see months saved.
A lower rate for a promo period can help if you pay off within that window. Transfer fees and post-promo rates matter. See our balance transfer tool too.
Score may dip slightly when a well-paid account closes, but reducing debt is usually positive long term. Avoid missed EMIs above all.
No. It models payoff paths on numbers you enter. For distress or legal issues, speak to a qualified counsellor or CA.
Yes. No signup. Enter balances, rates and extra payment to see a schedule.