CalKit

Debt Payoff Calculator

Calculate debt payoff timeline and total interest.

원
%
원
상환 완료 기간
6년 5개월

총 77개월

상환 요약

부채 원금30,000,000원
총 상환액38,500,000원
총 이자8,500,000원
이자 비율22.1%

상환 진행 현황

1개월 후 상환원금300,000원
6개월 후 상환원금1,830,268원
12개월 후 상환원금3,734,978원
24개월 후 상환원금7,779,957원
36개월 후 상환원금12,160,667원
77개월 후 상환원금30,000,000원

Overview

The Debt Payoff Calculator estimates the time and total interest cost to pay off loans or credit card debt. Enter the balance, interest rate, and monthly payment to see how long until you are debt-free and how much interest you will pay.

Formula

Payoff Period (months) = -ln(1 - Balance × Monthly Rate / Monthly Payment) / ln(1 + Monthly Rate). Total Interest = (Monthly Payment × Months) - Balance.

How to Use

  1. 1Enter the current debt balance.
  2. 2Enter the annual interest rate (%).
  3. 3Enter the amount you can pay each month.
  4. 4If you have multiple debts, add each one separately.
  5. 5Click Calculate to view the payoff timeline and total interest.

Tips

  • ✔The Snowball method (smallest balance first) provides psychological motivation; the Avalanche method (highest rate first) saves the most interest.
  • ✔Even a small increase in monthly payments can dramatically shorten the payoff period and reduce total interest.
  • ✔Prioritize paying off high-interest credit card debt and cash advances first.

FAQ

Q. What is the difference between the Snowball and Avalanche methods?

The Snowball method focuses on the smallest debt first for quick wins and motivation. The Avalanche method targets the highest-interest debt first to minimize total interest paid. Both are effective — choose based on what keeps you motivated.

Q. What happens if I only make minimum payments?

Making only minimum payments on credit cards can stretch repayment over decades and result in total interest that far exceeds the original balance. Always try to pay more than the minimum.

Q. When does debt consolidation make sense?

Consolidating multiple high-interest debts into a single lower-rate loan can reduce monthly payments and simplify management. To maximize savings, maintain the same total monthly payment you were making before consolidation.

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