Debt Payoff Calculator
Estimate how long it may take to pay off debt based on your total balance, interest rate, and monthly payment. This calculator can also help estimate total interest paid over time.
Enter your total debt balance you want to pay off.
Enter the average annual interest rate on the debt.
Enter how much you plan to pay toward the debt each month.
How This Calculator Works
This debt payoff calculator applies monthly interest to your current debt balance and then subtracts your monthly payment until the balance reaches zero. It estimates how long payoff may take and how much interest you could pay over the full timeline.
Formula
New Balance Each Month = Current Balance + Monthly Interest - Monthly Payment
Example
If you have $18,000 in debt at an average interest rate of 9.5% and pay $450 per month, this calculator estimates how many months it could take to become debt-free and how much interest you may pay during that time.
Frequently Asked Questions
What kinds of debt can this calculator be used for?
You can use it for personal loans, credit card debt, auto loans, or a blended estimate of multiple debts if you use a reasonable average interest rate.
What if I have multiple debts with different rates?
This calculator uses one average interest rate, so it gives a simplified estimate. For a more detailed plan, separate calculators or a debt snowball or avalanche tracker may be more accurate.
Why does a higher monthly payment matter so much?
Higher payments reduce the principal balance faster, which lowers future interest charges and shortens the payoff timeline.
Can my debt grow if I pay too little?
Yes. If your monthly payment is less than the monthly interest, the balance may stay the same or increase over time.
Does this include new charges or borrowing?
No. This estimate assumes you stop adding new debt and focus only on paying down the current balance.