How can I calculate when I will be debt-free?

Use the loan payoff formula: time = -log(1 - (rate × balance / payment)) ÷ log(1 + rate). Online calculators simplify this by letting you enter your balance, rate, and payment amount.

Debt Payoff Estimator

Estimate payoff time, interest paid, and total cost for debt.

This tool runs in your browser. None of your data is saved or sold.

Balance ($)

Annual rate (%)

Monthly payment ($)

Monthly fees, optional ($)

About This Calculator

Enter your current balance, interest rate, and monthly payment to see your total repayment cost and timeline. Use it to model any debt — credit cards, car loans, medical bills. The total interest figure is often shocking and serves as strong motivation to increase your monthly payment.

Estimates only — not financial, tax, legal, or investment advice. Verify important results with a qualified professional before making decisions.

iterative: balance(n+1) = balance(n) × (1 + monthly rate) − payment; count months until balance ≤ 0; total paid = months × payment; interest paid = sum of monthly interest charges