This loan calculator tells you how fast you could pay off debt and interest


Nearly a quarter of consumers, or 28 million people, have added to their credit card debt as a result of the coronavirus pandemic, according to a recent survey. Even before the full economic effects of the pandemic began hitting consumers, total household debt rose to $14.3 trillion in the first quarter.

If you’re taking on new debt or trying to pay off what you owe, our loan calculator can help you see how much you will pay monthly, how long it will take to pay off the debt, and how much you’ll pay in interest. It can help you figure out how much money you can save by paying more than the minimum each month, too, if you can afford to do so.

You can also use the calculator to see how much you can save with a lower interest rate, which could be the push you need to call your credit card company, consolidate your debt, or create a plan to boost your credit score.

More from Grow:
How to take advantage of low interest rates and save money
The 15 most in-demand jobs, some of which pay over $80,000 a year
How ‘tidying up’ helped a 34-year-old-pay off $45,000 in debt in 3 years

Whether you’re looking to finance a new home or car, pay off your student loans, or are wondering just how much carrying that credit card balance will cost you over the long run, enter your information below to figure out the best debt payoff plan for you.

How to get out of debt 

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