Estimate a debt repayment schedule. Enter your balance, interest rate and monthly payment to see how long it takes to pay off, the total interest and a yearly breakdown.
Enter your current balance, the annual interest rate and the fixed monthly payment you can make. The calculator shows how many months until you're debt-free, the total interest paid and a yearly breakdown — and warns you if the payment is too low to ever clear the debt.
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A debt payoff calculator shows how long it takes to clear a balance with fixed monthly payments, how much interest you'll pay along the way, and warns if your payment is too low to ever get out of debt.
Each month: interest = balance × (rate ÷ 12); balance = balance + interest − payment, repeated until the balance reaches zero. The monthly rate is the annual rate ÷ 12.
If your payment doesn't cover the monthly interest, the balance grows and the debt is never paid off.
The calculator warns that the debt will never be paid off at that rate. You'll need to increase the payment above the monthly interest charge to make progress.
Not directly — it models a single fixed monthly payment. For lump sums, subtract them from the balance and recalculate, or boost the monthly figure to see the effect.