Debt Payoff Calculator
Calculate how long it will take to pay off your debt
Time to Payoff
3 years 11 months
Total Interest Paid
$3965.22
What This Debt Payoff Calculator Does
This calculator estimates how long it may take to pay off a debt based on balance, interest rate, and monthly payments.
How Debt Payoff Is Calculated
It calculates payoff time and total interest using standard amortization logic. Each month, interest is calculated on the remaining balance, and the rest of your payment goes toward the principal.
Example Calculation
- • Balance: $10,000
- • Interest rate: 18% APR
- • Monthly payment: $300
- Payoff time: ~44 months (3 years 8 months)
- Interest paid: ~$3,000
When Should You Use This Calculator
- Paying off credit card debt
- Planning a debt repayment strategy
- Budgeting monthly payments
- Reducing interest costs by comparing payment amounts
- Setting financial goals for becoming debt-free
Frequently Asked Questions
Does this support multiple debts?
This calculator focuses on a single debt. For multiple debts, calculate each one separately or use a debt snowball/avalanche strategy.
Is this a debt snowball calculator?
No, this calculates a single debt payoff. The debt snowball method involves paying off multiple debts in order from smallest to largest balance.
Are late fees included?
No, this assumes consistent monthly payments with no late fees or penalties. Always make payments on time to avoid additional charges.