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Debt Payoff Calculator

Calculate the payoff timeline and total interest for any loan or debt paid off with a fixed monthly payment.

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Currency for this calculator
Time to Pay Off
4y 0m (48 months)
  • Total Interest Paid$3,894.35
  • Total Paid$18,894.35
Show your work
  1. Monthly interest rate = 12% ÷ 12 = 1%
  2. Simulated month-by-month: interest = balance × monthly rate, then the payment reduces the balance, until it reaches $0.
  3. Result: 48 months, $3,894.35 in total interest.

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