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Use this debt payoff calculator to calculate how long your debt repayment will take, how much it will cost you, and how you can payoff your debt faster by contributing more each month.
To get started, simply enter your current debt balance, interest rate, and remaining repayment term length. Then, choose whether you want to contribute more each month to see how much that would reduce your debt repayment by or choose an amount of time that you want to payoff your debt in to see the required monthly payment.
As the VP of Content at LendEDU, Dave regularly plans and writes content to help consumers with their personal finances. Dave’s work has been featured in the Chicago Tribune, Bloomberg, CNBC, US News, Yahoo Finance, NPR, and more.