Debt Payoff Calculator
Find out how long it will take to pay off your debt and how much total interest you will pay.
Time to Pay Off
Total Interest Paid
Total Amount Paid
Payoff Date
What if you pay $50 more per month?
New Payoff Time
Interest Saved
Time Saved
How the Debt Payoff Calculator Works
This calculator simulates your debt repayment month by month. Each month, interest is charged on the remaining balance, and your payment goes toward both interest and reducing the principal.
Monthly Interest = Balance x (Annual Rate / 12)
If your monthly payment is less than the monthly interest charge, the debt will never be paid off and will actually grow over time. The calculator will warn you if this is the case.
The "extra payment" section shows how paying just $50 more per month can significantly reduce your payoff time and total interest. Even small extra payments make a big difference on high-interest debt.