Debt Payoff Calculator
See exactly how many months until you're debt-free, and how much interest you'll pay along the way. Free, instant, no signup.
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About the Debt Payoff Calculator
See exactly how long it will take to pay off a credit card or loan balance, and how much you'll pay in interest along the way. Enter your current balance, your APR, and how much you can afford to pay each month — the calculator applies compound interest the same way your lender does, month by month, until your balance reaches zero. Free, works on mobile, no signup.
How to use it
- Enter your current balance.
- Enter your APR (check your latest statement).
- Enter how much you plan to pay each month.
- Press Calculate to see your payoff timeline and total interest.
Frequently asked questions
How is debt payoff time calculated?
The calculator applies your interest each month, subtracts your payment, and repeats until the balance reaches zero — the same way credit card and loan interest actually compounds.
Why is my minimum payment barely reducing my balance?
If your payment is close to your monthly interest charge, most of it goes to interest and very little to principal, which can stretch payoff out for years. Increasing your payment even slightly can cut payoff time and interest dramatically.
What if my payment doesn't cover the monthly interest?
Your balance will grow instead of shrink. The calculator warns you if your payment is too low to ever pay off the debt.
Snowball or avalanche method — which is faster?
Paying off the highest-APR debt first (avalanche) minimizes total interest paid. Paying off the smallest balance first (snowball) can build momentum. Run each debt through this calculator to compare.
Is this calculator accurate?
It uses standard compound interest math for a close estimate. Your real payoff date may vary slightly with fees, rate changes, or how your lender calculates daily interest.
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