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Debt Payoff Calculator
Find out how many months it will take to pay off a debt and roughly how much interest you will pay.
How this calculator works
Enter the balance, the yearly interest rate and your monthly payment. Interest is added each month and your payment is subtracted until the balance reaches zero.
Example
An $8,000 balance at 18% with $300 paid each month takes 35 months, with about $2,500.00 in interest.
Tips
- Your payment must be larger than the monthly interest or the debt never shrinks.
- Paying extra on the highest-rate debt first saves the most interest.
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Results are estimates only. See our disclaimer.