Debt Payoff Calculator
See exactly how long it will take to pay off a credit card or loan, and how much interest you’ll pay along the way.
Time to debt-free
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Monthly payment
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Total interest paid
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Total amount paid
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How this calculator works
This tool uses the standard amortization formula to show how a fixed monthly payment chips away at your balance while interest is added each month based on the remaining balance.
- Current balance — the amount you owe today.
- APR (annual percentage rate) — the yearly interest rate from your statement. The calculator converts this to a monthly rate behind the scenes.
- Monthly payment — the fixed dollar amount you plan to pay every month. Paying more than the minimum dramatically shrinks both your payoff time and total interest.
- Pay off in (months) — switch to this mode to find out what monthly payment you’d need to be debt-free by a specific date.
Tip: Even an extra $25–$50 a month can shave months — sometimes years — off your payoff timeline because every extra dollar goes straight to principal instead of interest.
This calculator is for educational purposes and assumes a fixed APR with no new charges added to the balance. Your actual results may vary based on payment timing, fees, and changes to your interest rate. This is not financial advice.
Whether you're dealing with credit card debt, a personal loan, or a balance transfer, knowing your exact payoff timeline puts you in control. Use the calculator above to see how long it will take to pay off your debt at your current monthly payment — or flip it around and find out what you'd need to pay each month to be debt-free by a specific date.
A few things worth knowing:
Your APR (annual percentage rate) is on your monthly statement, usually in the "Interest Charge Calculation" section. Credit card APRs average around 22% right now, so if yours is lower, you're already ahead.
The minimum payment trap is real. Credit card minimums are typically set at 1–2% of your balance, which means they're designed to keep you paying interest for years. Running the numbers often shows that even an extra $50/month cuts your payoff time dramatically.
The debt avalanche method (paying off the highest-APR debt first) saves the most money in interest. The debt snowball method (smallest balance first) builds momentum psychologically. Both work — the best method is the one you'll actually stick to.
This calculator assumes a fixed APR and no new charges added to the balance. Results are estimates for planning purposes and are not financial advice.