Find out when you'll be debt-free.
Enter your current outstanding debt balance, the annual interest rate, and the fixed monthly payment you plan to make.
The calculator computes the number of months until the debt is fully paid off, total interest charged, and the total amount paid including principal and interest.
Try increasing your monthly payment to see how even a small extra amount can dramatically reduce your payoff timeline and total interest.
Debt payoff timeline formula:
Months = −log(1 − (B × r / P)) / log(1 + r)Total Paid = P × MonthsTotal Interest = Total Paid − BWhere B = balance, r = monthly rate (APR ÷ 12), P = monthly payment.
Example: $15,000 student loan at 6.8% APR with $300/month payments:
Example 2: Increasing payment to $400/month:
Pay more than the minimum, attack highest-interest debts first (avalanche method), consider consolidation for lower rates, and avoid taking on new debt. Even an extra $50–100/month makes a significant difference.
Avalanche: pay off highest interest rate first (saves the most money). Snowball: pay off smallest balance first (provides quick wins for motivation). Both methods require making minimum payments on all other debts.
Build a small emergency fund ($1,000–$2,000) first to avoid new debt from unexpected expenses. Then aggressively pay off high-interest debt (above 7–8%), while also contributing enough to get any employer retirement match.