Debt Payoff Calculator
Calculate How Long it Will Take You To Pay Off Your Debt at Given Payment Levels
Use our debt payoff calculator to determine what different payment levels will do to the length of your debt, and to see how much you'd have to pay each month to pay off your debt in the timeframe you choose. To use this debt calculator, fill in the amount of debt you have, the interest rate, and your monthly payment amount. For example, if you have 3 credit cards with a total of $20,000 and the interest rates average 12%, and you are paying minimum payments that total $300 per month, then you would put those three figures into the calculator.
Next, choose a scenario. You can either choose to see what would happen if you made an extra payment each month, or choose to see how much you would need to pay each month to pay off the debt in a number of years and months. To see what an extra payment would do, check the "what will happen if I pay extra" box and then fill in an extra payment amount and hit "calculate". The calculator will tell you how long it will take to pay off your debt at the current rate, along with the total interest you will pay. It will then tell you how long it would take to pay off the same debt with the extra monthly payment.
The other scenario is to calculate the monthly payment to pay off your debt in a given time frame. To calculate this, check the "how to be debt free after" box and fill in the number of years and months you'd like to pay off your debt and hit calculate. The debt calculator will show you how long it will take you to pay off at your current rate and then it will show you the monthly payment level you'd need to make in order to pay off the debt in the time frame you specified.
See Also: Financial Calculators