Debt Payoff Calculator
Find out how long it will take to pay off any debt with a fixed monthly payment.
- Free to use
- Accurate results
- No registration required
- Works on all devices
Your result
24 months
Months to debt-free
AI explanation
Formula
n = −log(1 − P×r/payment) / log(1+r), where r is the monthly rateWorked example
₹2L balance, 18%, ₹10,000/month
| Field | Value |
|---|---|
| Outstanding balance | 200000 |
| Interest rate | 18 |
| Fixed monthly payment | 10000 |
| Months to debt-free | 24 |
| Total interest paid | 40000 |
Assumptions
- Works for any single debt — personal loan, credit card, or other installment/revolving debt — with a known balance and interest rate.
- Assumes the same fixed payment every month with no new charges added.
- Informational only.
Frequently asked questions
How do I speed up becoming debt-free?
Increase your monthly payment above the minimum, avoid taking on new debt while paying this off, and consider tackling higher-interest debts first if you have multiple — see the Debt Avalanche Calculator for a multi-debt strategy.
What if I have multiple debts?
This calculator handles one debt at a time — for a strategy across several debts simultaneously, use the Debt Snowball or Debt Avalanche Calculator instead.
Does a higher payment always mean a proportionally shorter payoff time?
Not exactly — because interest compounds on the remaining balance, doubling your payment typically more than halves your payoff time, since less total interest accrues along the way.
Related calculators
Sources
- Master Circular on customer service and fair practices code — Reserve Bank of India. Effective 01-07-2015, reviewed 13-09-2026.
This calculator provides a general estimate only and does not constitute financial advice.
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