Debt Payoff Calculator
How many months to clear a debt and the total interest you will pay.
Result
Months to clear
24
Total interest paid
200,000
How it works
This calculator answers the question that matters on a debt: how long until it is gone, and what will it have cost. From your balance, annual rate and fixed monthly payment, it returns the number of months and the total interest paid. Every payment splits in two: part covers the interest accrued that month, the rest reduces the principal. Early on the interest share dominates, which is why a balance can seem barely to move for months. As the principal falls, the interest shrinks and repayment accelerates — the same compounding that works against savers now works for you. That structure makes extra payments extraordinarily effective, because they go entirely against principal. Adding even a small amount each month can cut both the duration and the total interest dramatically. And if the payment barely exceeds the monthly interest, the debt is nearly unpayable — a signal to renegotiate the rate or consolidate rather than keep paying.
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Frequently asked questions
Why does interest cost so much?
Because it is charged every month on the remaining balance — paying more upfront saves a lot.
What if my payment is too low?
If it does not cover the monthly interest the debt never reduces; increase the payment.
Should I clear the highest rate or the smallest balance first?
Highest rate first (the "avalanche") always costs less in total interest. Smallest balance first (the "snowball") costs a bit more but delivers quick wins that help people stay the course — the best method is the one you actually finish.
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