Debt Pay Off Calculator for
Calculating Payoff Goal Payment

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Help you to see how much you would need to add to a debt's payment to achieve your payoff goal.

This free online Debt Pay Off Calculator will calculate the monthly payment required to pay off a given debt within the length of time you specify.

Plus, the debt payoff calculations will also tell you how much interest you will save by shortening the term of the loan.

A Penny Saved ...

If you shorten the length of time to pay off a debt, you will also reduce the total interest charges you end up paying to your lender. And when you reduce the interest charges you are essentially increasing your spendable income by the amount saved. So who would you rather see earn that extra income, you? Or your lender?

With that, let's use the debt pay off calculator to see how much your monthly payment will need to be if you want to pay off your debt sooner than your current payoff date.

Calculate Your Debt Payoff Goal Payment
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Instructions: Enter the debt's current balance owed, annual interest rate, and the monthly payment amount.

Next, either select the month and year you would like to pay of the debt by, or enter the number of payments you would like to shorten the payoff to, then click the "Calculate Debt Payoff Payment" button.

Mouse over the blue question marks for a further explanation of each entry field. More in-depth explanations can be found in the glossary of terms located beneath the Debt Pay Off Calculator.

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Help Current balance owed ($):
Help Annual interest rate (%):
Help Current monthly payment amount ($):
Help Select the pay off goal month and year:
Help Or, enter number of payments to pay off debt (#):
Results Current Goal
Help Monthly payment:
Help Number of payments:
Help Total interest cost:
Help Payoff month/year:
Please grade my work and help me improve:
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Debt Pay Off Calculator Glossary of Terms

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Current balance owed: The amount you still owe on the debt. Due to compounding interest, the amount you owe cannot be arrived at by simply multiplying your payment amount by the number of payments remaining. That's because the total of your payments also includes the lender's cut (interest charges). Therefore you may need to call your lender to find out the exact amount you owe if you were to pay off the debt today.

Annual interest rate: The annual interest rate you are being charged for the debt. This is a percentage the lender charges you to "rent" their money. Each compounding period, your lender divides the annual percentage rate by the number of compounding periods per year, and then multiplies that result by the current amount you owe.

Current monthly payment amount: The amount of your current monthly payment, which consists of a portion that will go to the lender as "rent" (interest) and a portion that that will actually reduce the amount you owe (principal). If you want to know how much of your current payment is interest and how much is principal, please visit the Debt Payment Breakdown Calculator.

Payoff time frame goal: The number of payments you want to pay off the debt by. You can either enter the number of months into the field provided, or you can select the month and year you want to pay the debt off by. In the latter case the debt pay off calculator will automatically calculate the number of months between now and the month and year you selected.

Monthly payment result row: Monthly payment for both Current and payoff Goal columns.

Number of payments result row: Number of payments remaining for both Current and payoff Goal columns. The number of payments for the Current column is computed based on your entries for balance owed, interest rate, and payment amount.

Total interest cost result row: Total interest cost for both Current and payoff Goal columns.

Payoff month/year result row: Month and year this debt will be paid off for both Current and payoff Goal columns.

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