Time to Pay Off: -
Total Interest: -
Total Amount Paid: -
Debt-Free Date: -
Debt Payoff Calculator
Calculate how long it will take to pay off your debt and how much interest you'll pay.
What Payment Do I Need?
Required Monthly Payment: -
Total Interest: -
Total Amount Paid: -
How the Debt Payoff Calculator Works
The calculator uses amortization formulas to determine how long it will take to pay off your debt based on your balance, interest rate, and monthly payment.
Your payment must exceed the monthly interest charge for your debt to decrease. Higher payments mean less total interest paid.
Example
A $10,000 credit card debt at 18% APR with $300/month payments:
- Time to pay off: 44 months (3 years 8 months)
- Total interest paid: $3,077
- Total amount paid: $13,077
FAQ
- How can I pay off debt faster?
- Pay more than the minimum payment, focus on high-interest debt first (avalanche method), or pay off smallest balances first for motivation (snowball method).
- What is the debt avalanche method?
- Pay minimum on all debts, then put extra money toward the highest interest rate debt first. This saves the most money on interest.
- What is the debt snowball method?
- Pay minimum on all debts, then put extra money toward the smallest balance first. This provides quick wins and motivation.