Your balance as you pay it down
How your remaining debt shrinks month by month until it reaches zero. Updates as you change the inputs.
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Debt Payoff Calculator
Map out the repayment timeline for your credit card or personal debt and see how extra monthly payments speed up the payoff.
Estimated payoff time
28 months
Debt balance$8,000
Interest paid$2,400
Monthly payment$350
Total cost$10,400
What is a debt payoff calculator?
A debt payoff calculator shows how long it will take to clear a balance and how much interest you'll pay along the way. Enter your balance, its APR, and a fixed monthly payment, and it simulates the debt month by month, revealing your payoff date and the true cost of the debt, plus how much faster a bigger payment gets you to zero.
How it works
Each month the calculator charges interest on your remaining balance, subtracts your payment, and carries the rest forward. Because interest is charged on whatever is left, early payments barely dent the balance while most of the money goes to interest, then the balance falls faster as the principal shrinks.
Each month: balance = balance + (balance × r) − payment
r = monthly interest rate (APR ÷ 12)
Repeat until the balance reaches zero, the number of months is your payoff time.
r = monthly interest rate (APR ÷ 12)
Repeat until the balance reaches zero, the number of months is your payoff time.
Worked example
For an $8,000 balance at 18.5% APR with a fixed $350 monthly payment:
| Item | Amount |
|---|---|
| Starting balance | $8,000 |
| Monthly payment | $350 |
| Payoff time | ~27 months |
| Total interest paid | ~$1,455 |
Ways to get debt-free faster
- Increase the monthly payment, even a small bump removes months and cuts interest, especially at high APRs.
- Attack the highest-APR balance first (avalanche) to minimize total interest.
- Stop adding new charges while you pay down the balance, otherwise you're refilling the bucket.
- Consider a lower-rate consolidation loan or balance transfer if you qualify, but mind any fees.
Frequently asked questions
How is payoff time calculated?
The tool simulates your debt month by month, charging interest, subtracting your payment, and repeating until the balance hits zero. That count of months is your payoff time.
What is the fastest way to eliminate debt?
Pay more than the minimum, target the highest-APR balance first, and avoid new charges while paying down the old balance.
Should I pay the minimum or more?
More than the minimum shrinks the principal faster and lowers the interest charged every following month, which saves a lot on high-APR debt.
Avalanche or snowball?
Avalanche (highest APR first) saves the most money; snowball (smallest balance first) can be more motivating. Both work, pick what you'll stick with.
Why does my balance barely move at first?
Early on, more of each payment goes to interest because the balance is high. As principal falls, the balance drops faster, so the curve steepens near the end.
Can I use this for credit cards?
Yes. Enter your card balance, APR, and a fixed monthly payment to see the payoff time and total interest.