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About Debt Payoff Calculator
See the complete picture of your debt repayment. Know exactly how long it will take to become debt-free and how much interest you will pay over the life of your debt.
Features
- Calculate payoff time for any debt
- Show total amount paid vs. total interest
- Monthly amortization breakdown
- Warns if your payment is too low to ever pay off the debt
Free Debt Payoff Calculator FAQ
How is the payoff time calculated?
We use the amortization formula: N = -log(1 - r*P/A) / log(1+r), where P is principal, A is monthly payment, and r is monthly interest rate. This accounts for compound interest on the declining balance.
Should I pay more than the minimum?
Absolutely. Paying even $50-100 extra per month can save thousands in interest and years of payments. The calculator shows exactly how much you save.
What is the debt avalanche method?
Pay minimums on all debts, but put extra money toward the highest-interest debt first. This minimizes total interest paid. It is mathematically optimal.
What is the debt snowball method?
Pay minimums on all debts, but put extra money toward the smallest balance first. This provides psychological wins that keep you motivated. It may cost more in total interest.