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Fixed time debt payoff calculator

This computes the monthly payment amount and total interest paid on a debt paid over a fixed time period. It typically applies to mortgages and auto loans. This does not include insurance, taxes or other expenses associated with a home, car or other. If you'd rather pick a monthly payment amount and compute the required number of months to pay off the debt, try our other debt calculator.

Initial balance [$]

APR [%]

Number of months to pay off

Total amount paid [$]

5264.57

Total interest paid [$]

264.57

Monthly payment

219.36

Table of monthly balances

MonthBalance [$]
05000.00
14801.48
24602.13
34401.94
44200.93
53999.08
63796.38
73592.84
83388.46
93183.22
102977.12
112770.17
122562.36
132353.68
142144.13
151933.70
161722.40
171510.22
181297.16
191083.21
20868.36
21652.62
22435.99
23218.45
240.00

Balance over time

Description

This computes the monthly payment required to pay off a debt over a specified number of months. Most mortgages and auto loans are paid in this manner. For example, a 30-year mortgage or a 5-year (60-month) auto loan would be paid in this manner. If you'd rather specify the monthly payment and compute the required number of months, try our fixed payment debt calculator.