Debt Payoff Calculator
See how long a debt takes to clear at a given monthly payment, and what interest costs.
Minimum payments are engineered to keep debt alive. On a typical credit card balance, paying the minimum can stretch repayment across decades, with interest ultimately exceeding the original amount borrowed. The single most clarifying number in personal finance is how long *your* payment actually takes to clear *your* balance — and what that costs.
This calculator takes your current balance, the APR, and the fixed amount you can pay monthly, and returns the payoff time, total interest paid, and total outlay. Nudge the payment up and watch both the timeline and the interest collapse — the effect of even 20% more per month is usually startling.
How to use Debt Payoff Calculator
- 1
Enter your current balance
The total outstanding debt.
- 2
Enter the APR
The annual interest rate on the debt — credit cards often run 18–42%.
- 3
Enter your monthly payment
The fixed amount you'll pay each month.
Features
- Exact payoff timeline in months and years
- Total interest and total amount paid
- Flags payments too small to ever clear the debt
Frequently asked questions
Common mistakes to avoid
- Paying only the minimum, which is often calibrated to barely exceed monthly interest.
- Ignoring new charges on the card while paying it down — the calculation assumes no further borrowing.
Get new tools in your inbox
One email a month with new tools, guides, and updates. No spam, unsubscribe anytime.