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.
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.