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Debt Payoff Calculator
Enter your debt details to find out exactly how long it will take to pay off your debt and how much interest you'll pay in total.
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Months to Pay Off
Total Interest Paid
Total Amount Paid
Calculated in your browser. We never see your numbers.
How to Use This Calculator
Enter your current debt balance, the annual interest rate (APR), and your fixed monthly payment. Click Calculate to see how many months it will take to become debt-free, the total interest you'll pay, and the total amount paid over the life of the debt. Experiment with higher payments to see how quickly they reduce your payoff timeline.
How Debt Payoff Is Calculated
Each month, interest accrues on your remaining balance: Interest = Balance × (Annual Rate ÷ 12 ÷ 100). Your monthly payment is then applied — first to interest, then to principal. This continues until the balance reaches zero. The total interest paid is the sum of all monthly interest charges, and the total amount paid is your original balance plus all interest.
Tips to Pay Off Debt Faster
The most effective way to reduce your debt faster is to increase your monthly payment. Even an extra $25–$50 per month can shave months or years off your timeline. Consider also targeting your highest-interest debt first (the avalanche method) to minimize total interest paid. Refinancing to a lower interest rate is another powerful option — use this calculator to compare scenarios before making a decision.
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Frequently Asked Questions
How is the debt payoff time calculated?
The calculator uses an amortization loop: each month, interest is applied to the remaining balance (balance × monthly rate), then your fixed payment is subtracted. The number of months until the balance reaches zero is your payoff time. The monthly interest rate is your annual rate divided by 12.
What happens if my payment is too low?
If your monthly payment is less than or equal to the first month's interest charge, your debt will never decrease — it will grow indefinitely. The calculator will show an error in this case. To make progress, your payment must exceed the monthly interest, which is your balance multiplied by (annual rate ÷ 12).
How can I pay off debt faster?
Even a small increase in your monthly payment can dramatically reduce your payoff time and total interest. For example, increasing a payment on a $5,000 debt at 18% from $150 to $200 can cut years off your timeline. Other strategies include the debt avalanche (targeting the highest-rate debt first) or the debt snowball (targeting the smallest balance first).
What is the total amount paid vs total interest paid?
The total amount paid includes both the original principal (your starting balance) and all the interest charges accumulated over the life of the loan. Total interest paid is just the interest portion — the cost of borrowing. Total amount paid equals your starting balance plus total interest paid.
Should I use this calculator for credit card debt?
Yes — this calculator works for any fixed-rate debt with a fixed monthly payment, including credit cards, personal loans, auto loans, and more. For credit cards, use your current balance and the card's APR as the annual rate. Note that if you continue using the card while paying it off, the results will differ since your balance will change.
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