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How to Calculate Debt Payoff

Calculate how long it will take to pay off a credit card or loan balance, the total interest you will pay, and how much time and interest an extra monthly payment saves.

The Formula

months = log(payment / (payment - balance * APR / 1200)) / log(1 + APR / 1200)

The debt payoff formula uses the mathematical relationship: months = log(payment / (payment - balance * APR / 1200)) / log(1 + APR / 1200). Each variable in the formula represents a measurable quantity that affects the final result.

Step-by-Step Method

  1. 1Identify all input values needed for the debt payoff calculation.
  2. 2Substitute your known values into the formula: months = log(payment / (payment - balance * APR / 1200)) / l.
  3. 3Perform the arithmetic operations in the correct order (PEMDAS/BODMAS).
  4. 4Check that your result has the correct units and is within a reasonable range.
  5. 5Verify using the interactive Debt Payoff Calculator to confirm your answer.

Related Topics

debt payoffcredit card payoffdebt freeextra paymentinterest saved

Use the Interactive Calculator

Skip the manual math — get instant results with our free Debt Payoff calculator.

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