Debt Payoff Calculator
Debt Payoff Timeline
Calculate how long to pay off debt with fixed monthly payments
$
%
$
Payment to Hit Target Date
Calculate the monthly payment needed to pay off debt by a target date
$
%
Formula
Months = -ln(1 - Br/P) / ln(1+r) where B=balance, r=monthly rate, P=payment
Frequently Asked Questions
Should I pay off debt or save money?
Generally, pay off high-interest debt first (above 7-8%). The guaranteed 'return' from eliminating 18% credit card debt exceeds typical investment returns. Keep a small emergency fund ($1,000) while paying off debt.
What is the debt snowball vs avalanche method?
Snowball: pay off smallest balances first for psychological wins. Avalanche: pay off highest interest rates first to minimize total interest. Avalanche saves more money, but snowball keeps you motivated.
You may also need
$
Loan Calculator
Free loan calculator. Calculate monthly payments, total interest, and payoff schedule for any loan — car, personal, or student loans.
Finance$
Compound Interest Calculator
Free compound interest calculator. See how your savings or investments grow over time with compound interest. Compare different rates and time periods.
Finance$
Savings Goal Calculator
Free savings goal calculator. Calculate how much to save each month to reach your financial goal. Plan for a house, car, vacation, or emergency fund.
Finance