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Debt Payoff Calculator
Months to clear a debt, and the total interest you will pay on the way.
Months to payoff
How it works
Each month: interest = balance × APR ÷ 12, then balance = balance + interest − payment Repeat until the balance reaches zero. If the payment is below the monthly interest, the debt never clears.
Worked example: ₹1,00,000 at 18% a year with ₹5,000 a month clears in 24 months. The interest totals ₹19,783, so the total paid is ₹1,19,783 and the last payment is only ₹4,783, not the full ₹5,000.
Frequently asked questions
What if my payment is less than the monthly interest?
Then the balance grows every month and the debt never clears. The calculator says so plainly: raise the payment above the first month’s interest — ₹1,500 on ₹1,00,000 at 18% — before anything else.
Does paying extra each month help much?
Yes, more than most people expect. Extra money goes straight to the balance, which cuts every later month’s interest. Try your payment, then try it ₹1,000 higher, and compare the months saved.
Is this the same as a loan EMI schedule?
The maths is the same month-by-month method, but a fixed EMI loan is set so the balance hits exactly zero on the last payment. Here the payment is yours to choose, so the months are the answer, not an input.
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