Debt Payoff Calculator
See exactly when you'll be debt-free and how much interest you'll pay along the way. Enter your outstanding balance, interest rate, and how much you can pay each month to get a detailed payoff timeline.
Debt-Free Date
March 2031
Months to Payoff
58
Total Interest
$7,861.07
Total Amount Paid
$22,861.07
| Month | Principal | Interest | Remaining |
|---|---|---|---|
| 1 | $163.75 | $236.25 | $14,836.25 |
| 2 | $166.33 | $233.67 | $14,669.92 |
| 3 | $168.95 | $231.05 | $14,500.97 |
| 4 | $171.61 | $228.39 | $14,329.36 |
| 5 | $174.31 | $225.69 | $14,155.05 |
| 6 | $177.06 | $222.94 | $13,977.99 |
| 7 | $179.85 | $220.15 | $13,798.15 |
| 8 | $182.68 | $217.32 | $13,615.47 |
| 9 | $185.56 | $214.44 | $13,429.91 |
| 10 | $188.48 | $211.52 | $13,241.43 |
| 11 | $191.45 | $208.55 | $13,049.98 |
| 12 | $194.46 | $205.54 | $12,855.52 |
| 13 | $197.53 | $202.47 | $12,658.00 |
| 14 | $200.64 | $199.36 | $12,457.36 |
| 15 | $203.80 | $196.20 | $12,253.56 |
| 16 | $207.01 | $192.99 | $12,046.56 |
| 17 | $210.27 | $189.73 | $11,836.29 |
| 18 | $213.58 | $186.42 | $11,622.71 |
| 19 | $216.94 | $183.06 | $11,405.77 |
| 20 | $220.36 | $179.64 | $11,185.41 |
| 21 | $223.83 | $176.17 | $10,961.58 |
| 22 | $227.36 | $172.64 | $10,734.22 |
| 23 | $230.94 | $169.06 | $10,503.29 |
| 24 | $234.57 | $165.43 | $10,268.71 |
| 58 | $60.12 | $0.95 | $0.00 |
Showing first 24 months and final payment. Total: 58 months.
How to use
Enter your current outstanding debt balance, the annual interest rate (APR), and your planned monthly payment. The calculator will determine how many months it will take to pay off the debt, the total interest you'll pay, and the total amount paid. Your monthly payment must be greater than the first month's interest charge, or the debt will never be paid off.
Formula
Where n is the number of months to pay off, r is the monthly interest rate (APR/12), B is the balance, and P is the monthly payment. Each month, interest accrues on the remaining balance, and your payment goes first to interest, then to reducing the principal.
When this calculator helps
Getting out of debt starts with seeing the full picture: how long it will take, how much interest you will pay, and how different payment amounts change the outcome. This calculator works for personal loans, medical debt, student loans, and most fixed-balance obligations. A payoff date can make the whole thing feel less vague.
Examples
Example 1: Personal Loan
A $15,000 personal loan at 10% APR with $400/month payments. Payoff takes 44 months with $2,545 in total interest. Increasing the payment to $500/month reduces payoff to 34 months and saves $673 in interest. The extra $100/month saves 10 months of payments.
Example 2: Medical Debt
A $7,500 medical bill on a payment plan at 0% interest (common for hospital financing). Paying $250/month clears the debt in exactly 30 months with zero interest. If the promotional 0% expires after 12 months and jumps to 18%, having a plan to pay aggressively before expiration saves hundreds.
Example 3: Student Loan
A $30,000 student loan at 5.5% APR on a standard 10-year (120-month) repayment plan. Monthly payment is $325, total interest is $9,042. Paying $425/month instead cuts payoff to 84 months and reduces interest to $5,616, saving $3,426 over the life of the loan.
Things to watch
- •Always pay more than the minimum, even an extra $25-$50/month makes a significant difference on high-interest debt over time.
- •Check for prepayment penalties before making extra payments. Some loans charge a fee for paying off early, which could reduce your savings.
- •Apply windfalls (tax refunds, bonuses, gifts) directly to your highest-interest debt for maximum impact on your payoff timeline.
- •If you have multiple debts, focus extra payments on the highest-rate debt while making minimum payments on the others.
- •Automate your payments to avoid missed due dates, late fees and penalty APR increases can quickly undo your progress.
Sources and methodology
Last reviewed: April 25, 2026. We review formulas, default assumptions, and examples against public references when a formal source applies.
Method: This calculator uses the formula explained on this page, then checks default assumptions and examples against the references listed below.
- •Student loan basics, Consumer Financial Protection Bureau
Found something off? Send a correction with the page URL, inputs, result, and expected result.
Common questions
- How long will it take to pay off my debt?
- It depends on your balance, interest rate, and monthly payment. The higher your payment relative to the interest charges, the faster you'll pay it off. Even small increases in your monthly payment can shave months or years off your payoff date.
- What's the fastest way to get out of debt?
- The two most popular strategies are the avalanche method (pay off highest-interest debt first to save the most money) and the snowball method (pay off smallest balances first for psychological momentum). Both work, pick the one you'll stick with.
- How do I know if my monthly payment is high enough?
- Your payment must exceed the monthly interest charge, or your balance will grow instead of shrink. Calculate monthly interest as Balance × (APR/12). For a $10,000 balance at 18% APR, monthly interest is $150, so paying $150 or less means you will never pay off the debt.
- Should I pay off debt or save money first?
- Most financial advisors recommend building a small emergency fund ($1,000-$2,000) first, then focusing on high-interest debt (above 7-8%). Low-interest debt like a mortgage can be paid alongside retirement savings. The math usually favors paying off high-interest debt before investing.
- Does making biweekly payments help pay off debt faster?
- Yes. Paying half your monthly amount every two weeks results in 26 half-payments per year, equivalent to 13 full monthly payments instead of 12. On a $20,000 loan at 8%, this can shave 3-4 years off a 10-year payoff and save thousands in interest.