The debt payoff calculator shows exactly when you'll be debt-free based on your current balance, interest rate, and monthly payment amount. It calculates total interest paid over the life of the debt.
Understanding Your Results
- Time to Payoff: How many years and months until debt-free
- Total Paid: Your monthly payment × number of months
- Total Interest: Extra money paid beyond the original balance
- Payoff Date: Estimated calendar date you'll be debt-free
Strategies to Pay Off Debt Faster
- Pay more than the minimum whenever possible
- Use the debt avalanche method (highest interest first)
- Make bi-weekly payments instead of monthly
- Apply windfalls (tax refunds, bonuses) to debt
- Negotiate lower interest rates with creditors