What is the Debt Payoff Calculator?

The Debt Payoff Calculator is a helpful tool for anyone looking to manage and eliminate their debt efficiently. By entering your total debt, annual interest rate, and monthly payment amount, the calculator estimates how long it will take to fully pay off your debt. This allows you to plan your finances better, avoid prolonged interest payments, and make informed decisions about increasing payments to reduce debt faster.

How to Use:

1. Enter Total Debt [Currency]: Input the total amount of debt you owe.
2. Enter Annual Interest Rate (%): Input the yearly interest rate charged on the debt.
3. Enter Monthly Payment [Currency]: Input the amount you plan to pay each month.
4. Click “Calculate”: The tool computes the time required to pay off your debt.
5. Review Result: The output shows the number of months and approximate years needed to fully repay your debt, helping you set realistic financial goals.