Debt Payoff Calculator

How long to pay off your debt?

Enter what you owe, the interest rate (APR), and how much you can pay each month — this calculator works out how many months it takes to clear the balance and how much interest you'll pay along the way. It's built for credit cards and fixed-rate loans, where a steady monthly payment chips away at the balance while interest accrues on what's left.

Why minimum payments are a trap

On a high-interest debt, most of a small payment goes straight to interest, so the balance barely moves. If your payment only just covers the monthly interest, the debt can take decades — or never clear at all. This tool warns you when that's happening. The fix is simple: pay more than the minimum, even a little, and the payoff time drops sharply.

The power of paying extra

Because interest compounds on the remaining balance, every extra dollar you pay early saves more than a dollar later. Try nudging the monthly payment up by $50 or $100 and watch both the time and the total interest fall — the difference is often striking on a credit card at 20%+ APR.

Snowball vs. avalanche

With multiple debts, two popular strategies help you decide where extra money goes:

• Avalanche: pay off the highest-APR debt first. This costs the least in total interest — mathematically optimal.
• Snowball: pay off the smallest balance first for a quick win and motivation. Slightly more interest, but the momentum helps many people stick with it.

FAQ

Does this assume I stop using the card?

Yes — it assumes no new charges and a fixed monthly payment. Adding new purchases will extend the payoff time. For a real payoff plan, stop adding to the balance.

What's APR vs. interest charged?

APR is the yearly rate; the calculator converts it to a monthly rate (APR ÷ 12) and applies it to your balance each month, which is how most credit cards work.

What happens if my payment is too low?

If your monthly payment barely exceeds the interest, the balance shrinks extremely slowly and payoff can take decades; if it doesn't even cover the interest, the debt grows forever. The calculator flags this case so you can raise the payment to a workable level.

Does it handle multiple debts at once?

This calculator models a single balance at a fixed APR. For several debts, run each one separately, or use the snowball/avalanche ideas above to decide which to attack first, then apply your freed-up payment to the next one.

Does my financial data stay private?

Yes. The balance, rate, and payment you enter are processed entirely in your browser and never sent to a server or saved anywhere.

Is the debt payoff calculator free?

Yes, it's free with no sign-up and works on mobile and desktop. The results are an estimate for planning, not financial advice.