Budget and cash flow
Debt payoff calculator
See how long a debt takes to clear and what an extra payment saves.
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Result
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Time to clear the debt
36 months
- Total interest
- PKR 200,056.33
- Total you pay
- PKR 700,056.33
Year by year
| Year | Paid so far | Still owed |
|---|---|---|
| 1 | PKR 240,000 | PKR 365,879.10 |
| 2 | PKR 480,000 | PKR 195,781.38 |
| 3 | PKR 700,056.33 | PKR 0 |
How it is calculated
Each month the balance first earns one twelfth of the yearly rate, then the payment is made.
Balance after a month = balance x (1 + yearly rate / 12) - payment.
The last payment is whatever is left. It is worked out exactly and rounded to the paisa once.
A payment that does not cover the first month's interest never clears the debt.
Assumptions
- Interest at 24% a year is added to what is owed each month.
- Each payment is made at the end of the month, after that month's interest.
- Nothing new is added to the debt.
- Late fees, annual fees and tax are not included.
Results are worked out from the figures you enter and are only estimates. They are not advice.
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