Debt Payoff Calculator
See how long it takes to pay off a debt and the total interest you will pay from your balance, APR, and monthly payment. Free and accurate.
Calculator by Toolsloft ↗- Months to payoff
- 44
- Total interest
- $3,017.04
- Total paid
- $13,017.04
This calculator shows how many months it takes to pay off any debt at a fixed monthly payment, along with the total interest and total amount paid. Use it for a loan or balance to see the finish line and how a larger payment shortens it.
How this is calculated
It simulates each month by adding interest at APR divided by 12 to the balance and subtracting your fixed payment until the balance hits zero; if the payment does not exceed the monthly interest it flags that the balance never clears.
How to use
- Enter your current debt balance.
- Enter the debt APR and the fixed amount you pay each month.
- Read the months to payoff, total interest, and total paid.
Examples
- $10,000 at 15% APR, $300/mo:
44 months, $3,017.04 interest - Payment too low:
$1,000 at 24% APR, $20/mo never clears
FAQ
- How is the payoff time calculated?
- Each month interest is added to the balance (APR ÷ 12 ÷ 100), then your payment is subtracted. The calculator repeats this until the balance reaches zero, counting the months.
- Why does a too-low payment never clear the balance?
- If your monthly payment is less than or equal to the monthly interest charged on the balance, the interest added each month meets or exceeds what you pay, so the balance never shrinks. You must pay more than the monthly interest to make progress.
- What is total interest?
- The sum of all interest charged across every month until the debt is paid off, the extra cost of carrying the balance.