How to use this debt payoff calculator
Enter the values requested above and select Calculate. Change any input to compare another scenario. The calculation runs locally in your browser and does not require an account.
Formula and method
Example
For a $12,000 balance at 14% APR, compare a $350 payment with a $500 payment to see the impact on payoff time.
Tips for a useful result
This fixed-payment model assumes no new charges or fees.
What this calculator is useful for
Estimate payoff time and interest for a debt when you make a fixed monthly payment. The result is intended for quick estimates, checking arithmetic and comparing scenarios. When a result affects a contract, tax filing, medical decision, building-code requirement or other high-stakes situation, verify the result with the appropriate professional or authoritative source.
Frequently asked questions
What does the Debt Payoff Calculator calculate?
Estimate payoff time and interest for a debt when you make a fixed monthly payment.
How does the Debt Payoff Calculator work?
Each month, interest is added to the outstanding balance and the payment reduces the resulting amount.
Is the Debt Payoff Calculator free to use?
Yes. ERICH Calculators is free to use and does not require an account.