Debt Repayment Calculator

See what a larger monthly payment really does.

Two free calculators. Pay off debt faster, then see how savings could grow.

Debt Repayment: smaller vs. larger payments

Compare how long it takes, and how much interest you pay, at two monthly payment amounts.

Debt balance ($)

Interest rate (%/yr)

Interest rate type

Smaller monthly ($)

Larger monthly ($)

Larger paymentSmaller payment

Hover, tap, or drag across the chart (or use the arrow keys) to see amounts for any month. The dots mark the month each line reaches $0.

Monthly payment breakdown: principal vs. interest

InterestPrincipal

Hover, tap, or drag across either chart to see each month's split. Both charts share the same time scale and use your entered rate, even in variable mode.

Savings growth: saving vs. investing

Compare a steady rate (like a money market account or GIC) with a diversified market investment (like an index ETF) over time.

Starting amount ($)

Add each month ($)

Years

Steady rate (%/yr)

Market average (%/yr)

Total you put inSteady rateMarket averageIllustrative range (4 points lower to 2 higher)

Hover, tap, or drag across the chart (or use the arrow keys) to see amounts for any month.

Markets do not grow in a straight line. Some years lose money, and real results can land outside the shaded range.

Assumes each rate stays fixed, interest compounds monthly, deposits are made at month end, and there are no fees or taxes.