Looking to pay down your debt as quickly as possible? This debt payoff calculator can help you determine how long it will take to eliminate your debt based on your current balance, interest rate, and monthly payments.
How to use this calculator
Simply enter your:
- Current balance owed
- Yearly interest rate on the debt
- Monthly payment amount you plan to make
The calculator will then show you how many months it will take to pay off your debt in full if you stick to your payment plan.
Whether you have credit card balances, student loans, a car loan or other debts, this calculator offers a simple way to chart your path to becoming debt-free. You can experiment with differing monthly payments to work on a realistic debt elimination plan that works for your budget.
For more resources on paying off debt, check out my other posts:
- How to pay off your credit card debt fast | Step-by-step guide
- How To Find All My Debts (& Pay Them Off)
- 4 Ways to Get Out of Debt Fast (+ mistakes to avoid)
- Debt Avalanche vs. Debt Snowball: What’s the Difference?
- Debt consolidation: How does it work and is it right for you?
- How Do I Calculate My Snowball Debt?
- How to Help Parents Who Are in Debt
Or, listen to some of my podcast guests who share their experiences navigating debt:
