How to Calculate Debt-Free Date

What is Debt-Free Date?

Calculating your debt-free date shows exactly when debt will be paid off at a given payment amount. A concrete end date is powerfully motivating.

Formula

Months = log(PMT/(PMT - P*r)) / log(1+r)

PMT: monthly payment — monthly payment
P: principal — principal

Step-by-Step Guide

1Months = log(PMT/(PMT - P*r)) / log(1+r)
2P = principal, r = monthly rate, PMT = monthly payment
3Total interest = (PMT x months) - original principal

Worked Examples

Input

$25,000 at 18% APR, $600/month payment

Result

Payoff in approx 53 months; total interest approx $6,800

Frequently Asked Questions

What is Debt Freedom Date?

Calculating your debt-free date shows exactly when debt will be paid off at a given payment amount. A concrete end date is powerfully motivating

How accurate is the Debt Freedom Date calculator?

The calculator uses the standard published formula for debt freedom date. Results are accurate to the precision of the inputs you provide. For financial, medical, or legal decisions, always verify with a qualified professional.

What units does the Debt Freedom Date calculator use?

This calculator works with inches. You can enter values in the units shown — the calculator handles all conversions internally.

What formula does the Debt Freedom Date calculator use?

The core formula is: Months = log(PMT/(PMT - P*r)) / log(1+r). Each step in the calculation is shown so you can verify the result manually.

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