Debt Payoff Calculator
Results
Months to Pay Off:
Total Interest Paid: $
Total Paid: $
How to Use the Debt Payoff Calculator (Article)
A Debt Payoff Calculator is a financial tool that helps individuals understand how long it will take to pay off a debt based on the balance, interest rate, and monthly payment amount.
Why Use It?
Debt can feel overwhelming, especially when interest is involved. This calculator shows:
- How many months you to pay it off
- How much total interest do you pay
- The overall cost of the loan
Step-by-Step: How to Use It
Step 1: Enter Your Loan Balance
- Input the total remaining balance of your loan or credit card.
- Example: If you owe $10,000, enter
10000.
Step 2: Enter the Interest Rate
- Input your annual interest rate (APR).
- Example: If your credit card APR is 18%, enter
18.
Step 3: Enter Your Monthly Payment
- Type in how much you can pay every month toward this debt.
- Example: If you plan to pay $300 per month, enter
300.
Step 4: Click “Calculate.”
- Press the Calculate button and wait for the results.
Results Breakdown
After calculating, the following will appear:
- Months to Pay Off: How long will it take you to eliminate the debt
- Total Interest Paid: How much interest you’ll pay over time
- Total Paid: Loan + Interest combined
Example
If you:
- Owe:
$10,000 - APR:
12% - Monthly Payment:
$300
You might see:
- Months to Pay Off:
40 - Interest Paid:
$2,000 - Total Paid:
$12,000
Debt Payoff Calculator – FAQ
What is a Debt Payoff Calculator?
A tool to estimate how long it takes to repay debt with fixed payments and how much total interest you’ll pay.
Can I use it for multiple loans?
Use it for one debt at a time. To calculate for multiple debts, use a debt snowball or avalanche strategy and run each loan separately.
Does it use compound interest?
Yes. The calculator assumes monthly compounding, which is standard for credit cards and loans.
What happens if my payment is too low?
If your monthly payment doesn’t even cover the monthly interest, the calculator will alert you that your payment is too low.
Can I print or export the results?
This version doesn’t support that, but I can add PDF download or printable output if you’d like!