💳 Debt Calculator
Calculate debt payoff timeline and interest
Weighted average of all debt interest rates
How to Use This Calculator
Enter Total Debt
Input your total debt amount - the sum of all debts you want to calculate payoff for.
Enter Average Interest Rate
Enter the weighted average interest rate across all your debts. Calculate this by weighting each debt's rate by its balance.
Enter Monthly Payment
Enter the total monthly payment you can make toward all debts combined. This must exceed the monthly interest to pay off debt.
Review Payoff Timeline
See how long it will take to pay off your debt, total interest paid, and total amount paid. Use this to plan your debt payoff strategy.
Formula
Monthly Interest = Total Debt × (Average Rate ÷ 12)
Remaining Balance = Previous Balance + Interest - Payment
Payoff Calculation:
The calculator iteratively calculates month-by-month until balance reaches zero.
Example:
If total debt $10,000, average rate 15%, payment $300/month:
• Month 1: Interest = $125, Payment = $300, New Balance = $9,825
• Continues until paid off in ~42 months
About Debt Calculator
A debt calculator helps you understand how long it will take to pay off your total debt and how much interest you'll pay based on your monthly payment amount. This calculator is useful for overall debt management and financial planning, showing you the timeline and costs associated with paying off your debt. By understanding your debt payoff timeline, you can make informed decisions about payment amounts and debt management strategies.
When to Use This Calculator
- Debt Payoff Planning: Plan overall debt payoff strategy
- Payment Planning: Determine how much to pay monthly
- Interest Analysis: Understand total interest costs
- Budget Planning: Plan monthly budget around debt payments
Understanding Debt Payoff
- Compound Interest: Interest accumulates monthly on outstanding balance
- Payment Impact: Higher payments significantly reduce payoff time
- Average Rate: Use weighted average for multiple debts
- Total Cost: Includes original debt plus all interest
Why Use Our Calculator?
- ✅ Payoff Timeline: See exactly how long it takes to pay off
- ✅ Interest Costs: Understand total interest paid
- ✅ Payment Planning: Plan your monthly payments
- ✅ 100% Free: No registration or payment required
Frequently Asked Questions
How do I calculate average interest rate?
Calculate weighted average: (Debt1 × Rate1 + Debt2 × Rate2 + ...) / Total Debt. For example, if you have $5,000 at 18% and $5,000 at 12%, average = ($5,000×18% + $5,000×12%) / $10,000 = 15%.
How long will it take to pay off my debt?
Payoff time depends on total debt, average interest rate, and monthly payment. Higher payments significantly reduce payoff time. Use this calculator to see your specific timeline.
Should I pay more than the calculated payment?
Yes! Paying more than the calculated payment will pay off your debt faster and save money on interest. Any extra payment directly reduces your principal balance.
What's the best debt payoff strategy?
Common strategies include: (1) Debt Avalanche - pay highest rate first, (2) Debt Snowball - pay smallest balance first, (3) Pay equal amounts on all debts. Choose based on what motivates you.