Debt Payoff Calculator
See how many months it takes to clear a debt at a given monthly payment, and how much interest it costs.
Show solution steps
What is the Debt Payoff Calculator?
A debt payoff calculator shows the finish line for a loan or credit-card balance and the true interest cost of the repayment plan.
How to Calculate
Using the balance, interest rate and monthly payment, it solves for the number of months until the balance hits zero.
Formula
Months = −ln(1 − balance×i ÷ payment) ÷ ln(1 + i)
How to Use
- Enter your details in the fields above.
- The result updates instantly as you type.
- Use Copy, Print or Download PDF to save your result.
Frequently Asked Questions
What if my payment is too low?
If the monthly payment is less than the monthly interest, the balance never reduces. The calculator will warn you to increase it.
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