Debt Payoff Calculator
Estimate how long it may take to pay off debt and how much interest you may pay with a fixed monthly payment.
Enter your debt details
Enter your balance, annual interest rate and planned monthly payment.
Payoff Estimate
Based on a fixed annual interest rate and monthly payment.
How the Debt Payoff Calculator Works
Each month, the calculator adds interest to the remaining balance and then subtracts your planned payment. This repeats until the debt reaches zero.
Your monthly payment must be greater than the first month's interest when the debt has a non-zero interest rate. The final payment may be smaller than the regular monthly payment.
Results are estimates for planning purposes and should not be treated as a statement from your lender or creditor.
How to use this calculator
What to enter
Enter or select the following as requested: Currency — Display Only; Total Debt Balance (); Annual Interest Rate (%); Monthly Payment (). Follow the units, valid ranges, examples, and options displayed beside each field.
What the result means
Payment, interest, and repayment totals are estimates based on the values and assumptions entered. Actual lender terms, fees, rate changes, and payment dates may change the figures.
When to use it
Use this to compare borrowing or repayment scenarios. Treat the output as an estimate, not a lender quote.