Cost-of-Debt Calculator

Discover how expensive your debt really is over time due to interest charges.

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Debt Details

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True Cost of Your Debt

Time to Pay Off67
Total Interest Paid$6,610
Total Amount Paid$16,610
Interest as % of Principal66.1
Cost Multiplier1.66

For every $1 borrowed, you pay back $1.66

How it works›

Model and assumptions. Adds entered balances and payments, weights interest rates by outstanding balances, and calculates the requested cost or income ratios. These totals do not model changing rates, future borrowing or an individual lender’s underwriting rules.CFPB: money and debt worksheetsOpenStax: annuity formulas