Debt Payment Calculator

 

Use this calculator to figure when a given debt will be paid off along with how much interest you will spend on the debt & the average monthly interest.

Calculations update automatically when any variable is changed. The calculator will inform you to increase your payment amount if payments are insufficient to cover the interest expense.

Your Current Debt Payments

What is your regular debt payment amount?
What percentage interest are you paying? (APR %)
What is your remaining principle balance?
Payments per year
Are you making "Fixed" or "Declining Minimum" payments?

Your Debt Payoff Results

Average interest paid per payment:
Total remaining interest:
Total remaining payments:
Number of payments to erase this debt:
Number of years to erase this debt:
Debt payoff date:

Pigly's Tip

Making declining minimum payments stretches debt out over many years, costing the borrower a lot of stress and unneeded interest expense. Fixed debt payments enable you to pay off debts much quicker.

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