Debt Payoff Calculator
Calculate how long it will take to pay off your debt and find the optimal repayment strategy. Determine interest savings and create a realistic payoff timeline.
Step 1: Debt Information
Understanding Debt Payoff
Higher interest rates significantly increase total repayment costs. Paying more than the minimum payment can dramatically reduce payoff time and interest paid.
Step 2: Payment Strategy
Accelerated Payoff Strategies
Adding even a small extra payment each month can significantly reduce your payoff timeline and total interest paid. Consider the debt snowball or avalanche methods for multiple debts.
Debt Payoff Results
Time to Payoff
Debt Type Comparison
| Debt Type | Interest Rate | Time to Payoff | Total Interest |
|---|
Payment Breakdown
Debt Payoff Formula
Months to Payoff = log(1 – (P * r) / M) / log(1 + r)
Where: P = Principal, r = Monthly interest rate, M = Monthly payment. This formula calculates how many months it will take to pay off debt with fixed monthly payments.
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