Calculyn

Debt Payoff Calculator

See how long it will take to pay off a debt and how much interest you'll pay.

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Results update as you type.

Debt-free in

48months

4 yrs 0 mos

Total interest
$3,894
Total paid
$18,894
  • Principal79%
  • Interest21%
Debt-free in48

Loan results are estimates and not financial advice. Your lender's terms, fees and rate determine your real payments.

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How it works

Each month interest is added to your balance and your payment is subtracted. We repeat until the balance reaches zero.

Formula

n = −log(1 − rB ÷ P) ÷ log(1 + r)

Example

$15,000 at 12% APR with $400/month takes 48 months and about $3,890 in interest.

Assumptions & limitations

  • Fixed rate and on-time payments.
  • Excludes origination fees, late fees and penalties unless entered.

Frequently asked questions

Avalanche or snowball?

Avalanche (highest rate first) saves the most interest. Snowball (smallest balance first) gives quicker wins that help some people stay motivated.