Debt Payoff Calculator

Find out exactly how long it will take to pay off a credit card or loan based on your balance, interest rate, and monthly payment — and see the total interest you'll pay. Increasing your monthly payment can dramatically cut both.

Formula reviewed for accuracy. Our methodology & sources

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Debt Payoff Calculator

loan calculator

Current Balance

Annual Interest Rate (APR)

Monthly Payment

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How It Works

The calculator simulates your debt month by month: it adds the monthly interest, subtracts your payment, and counts how many months until the balance hits zero. If your payment is less than the monthly interest, the debt never gets paid off — a common credit-card trap.

Formula

Each month: Interest = Balance × (APR ÷ 12); Balance = Balance + Interest − Payment. Repeat until the balance reaches zero.

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Examples

$5,000 at 19.99% APR, $200/month

About 32 months to pay off, with roughly $1,300 in interest.

Frequently Asked Questions

How can I pay off debt faster?

Pay more than the minimum, target the highest-interest debt first (the "avalanche" method) or the smallest balance first (the "snowball" method), and avoid adding new charges. Even a small increase in your monthly payment cuts months and interest.

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Why does my credit card take so long to pay off?

Minimum payments are often barely above the monthly interest, so most of your payment goes to interest rather than the balance. Paying a fixed higher amount each month pays it off far faster.

What is the avalanche vs snowball method?

The avalanche method pays the highest-interest debt first (saves the most money). The snowball method pays the smallest balance first (builds motivation with quick wins). Both work — pick what keeps you consistent.