Knowing your debt-free date is motivating. If the payment barely covers the interest, the debt will take decades – raise the payment, cut the rate with a balance transfer or consolidation, or both.
How to use the Debt Calculator
- Debt balance
- Interest rate
- Monthly payment
- Or repay in
- First payment date
Results update as you type, and every field accepts the units shown in its menu.
How it works
Enter the debt balance, interest rate, your monthly payment and, optionally, the number of months you want to repay it in.
Tips
- Compare loans by APR and total cost, not just the monthly payment.
- Extra payments go straight to principal and can save a lot of interest.
- Pay off the highest-rate debt first if you want to save the most money.
- Check for prepayment penalties before paying a loan off early.
Common mistakes to avoid
- Stretching a loan term to lower the payment without seeing the extra interest.
- Paying only the minimum on credit cards.
- Forgetting fees that are rolled into the loan.
Inputs explained
| Field | What to enter |
|---|---|
| Debt balance | Amount in your currency |
| Interest rate | In % |
| Monthly payment | Amount in your currency |
| Or repay in | In months |
| First payment date | A date |
What each result means
- Debt-free date = addmonths([First payment date], [Months to pay off] – 1)
- Total interest = [Monthly payment]×[Months to pay off] – [Debt balance]
- Monthly payment to repay in the chosen time = pmt([Interest rate]÷1200, [Or repay in], [Debt balance])
- Interest in the chosen time = [Monthly payment to repay in the chosen time]×[Or repay in] – [Debt balance]
Example values
How the main result changes when Debt balance changes and everything else stays at the example values above:
| Debt balance | Months to pay off |
|---|---|
| 6,000 | 17 |
| 9,000 | 27 |
| 12,000 | 38 |
| 15,000 | 51 |
| 18,000 | 67 |
| 24,000 | 112 |
Formula
Months to repay = nper(i, payment, balance), i = rate ÷ 12Payment for a set time = pmt(i, months, balance)Worked example
Inputs — Debt balance: $12,000; Interest rate: 15 %; Monthly payment: $400; Or repay in: 36 months; First payment date: 2026-11-24.
Results — Months to pay off = 38; Debt-free date = Mon, December 24, 2029; Total interest = $3,133.92; Monthly payment to repay in the chosen time = $415.98; Interest in the chosen time = $2,975.42.
Frequently asked questions
How long will it take to pay off my debt?
Enter your balance, rate and payment – the calculator gives the exact months.
What is the fastest way to pay off debt?
Pay as much as possible and target the highest interest rate first.
Should I save or pay off debt?
Keep a small emergency fund, then pay high-interest debt first.
What formula does the Debt Calculator use?
Months to repay = nper(i, payment, balance), i = rate ÷ 12.