Daily Figures Edition No Sign-Up • Free Forever Vol. XII — No. 204
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Debt Payoff Calculator

Set a payment to find the time, or set a target time to find the payment — with interest shown.

Filed by The Statistics Desk  |  Method: simulation & amortization
Result
—
Your payoff plan.
Details
Total interest—
Total you pay—
Debt-free by—
Other figure—
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Enter your figures above to see the step-by-step working.
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How the Debt Payoff Calculator Works

This calculator works in both directions. Give it a monthly payment and it simulates the balance down to zero to tell you how long it takes and what it costs in interest. Give it a target time instead and it uses the standard loan-amortization formula to tell you the fixed monthly payment that clears the debt exactly on schedule.

Interest is charged each month on whatever balance remains, so paying faster always means paying less interest. Switching between the two modes is the quickest way to see the trade-off between a comfortable payment and being debt-free sooner.

payment = balance × i ÷ (1 − (1 + i)−n)  (i = APR ÷ 12)

Frequently Asked Questions

How do I calculate how long to pay off a debt?

Enter the balance, APR and your monthly payment. The calculator simulates the balance month by month — adding interest, subtracting your payment — until it reaches zero, then reports the time and interest.

How much do I need to pay to be debt-free by a date?

Switch to the target-time mode and enter the number of months. The calculator returns the fixed monthly payment that clears the balance exactly in that time, using the amortization formula.

Does a higher payment really save that much?

Yes. Because interest is charged on the remaining balance, paying it down faster shrinks the balance interest is charged on, compounding your savings over the life of the debt.

More From The Desk

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