Debt Payoff Calculator
Determine how many months and how much total interest you will pay to become completely debt-free.
Calculation Inputs & Parameters
8000
(Default)
19.9
(Default)
350
(Default)
Time to Debt-Free (2.4 years)
29 months
Total Interest Paid
$2140.04
Total Amount Paid
$10140.04
Initial Balance
$8,000
How the Calculation Works
Simulates month-by-month principal reduction after deducting monthly interest accrued.
Formula: Month Balance = Prev Balance + (Prev Balance × APR/12) - Payment
Practical Worked Example
Given Inputs: 5,000 balance | 18% APR | 200/mo
Calculated Output: 32 months to payoff | ~1,316 interest
- Each payment pays interest first, remainder goes to principal.