Two questions, one calculator
People in debt usually ask one of two things: "At what I'm paying now, when will this end?" or "How much do I need to pay to be done by a certain date?" Switch between them at the top. It works for any single debt with a fixed interest rate: a personal loan you want to close early, money owed to a relative with interest, a consumer loan, or a credit card you've stopped using.
Worked example
Months: repeat balance = balance × (1 + r/12) − payment until 0
Payment for a target: EMI = B × i(1+i)^n ÷ [(1+i)^n − 1]Make the plan stick
- Automate the payment on salary day so it happens before you can spend the money.
- Put windfalls toward the debt: bonuses, tax refunds and gifts can cut months off.
- Keep a small emergency fund, even ₹20,000–30,000, so a surprise expense doesn't send you back to the credit card.
- Track progress monthly. Seeing the balance fall is the best motivation.
Several debts?
If you have more than one debt, the order in which you pay them matters. The avalanche method (highest interest first) saves the most money; the snowball method (smallest balance first) gives quicker wins. Both calculators simulate your actual debts month by month.
How much extra is worth paying?
Try adding 10%, 25% and 50% to your monthly payment in turn. On most debts, the first extra rupees save the most interest, and the benefit tapers as the tenure shortens. Pick an amount you can sustain every month without dipping into your emergency fund. Consistency beats occasional big payments.
Frequently asked questions
Should I pay off debt or save first?
Build a small emergency fund first, then attack high-interest debt. Paying off a 24% loan is a guaranteed 24% return.
What if my payment is less than the interest?
The debt will never shrink. The calculator warns you and shows the monthly interest you need to beat.
Does this work for loans with an EMI?
Yes. Enter the outstanding balance and your EMI to see the remaining time, or add an extra amount to see how much sooner you'd finish.