Debt Payoff Calculator
Estimate how long it will take to pay off a debt and see how extra monthly payments speed up payoff.
How this calculator works
- Enter your current balance and the debt's annual interest rate.
- Enter your planned monthly payment.
- The calculator simulates the balance shrinking month by month, tracking total interest paid.
- Add an optional extra monthly payment to compare payoff time and interest against your current plan.
This calculator estimates how long it will take to pay off a fixed-rate debt at a given monthly payment, and how much interest you'll pay along the way. It also compares your current plan against adding an extra monthly payment, so you can see the real impact of paying a bit more each month.
Example
A $5,000 balance at 18% APR paid at $200/month takes about 29 months and costs roughly $760 in interest. Adding $50/month extra ($250 total) cuts that to about 22 months and around $560 in interest — a savings of about $200 and 7 months.
Limitations
This is an estimated calculation assuming a fixed interest rate and consistent payments with no new charges. Real cards and loans may have variable rates, fees, or promotional periods that change the numbers. This tool does not provide personalized financial advice.
Frequently asked questions
How is payoff time calculated?
We simulate your balance month by month: interest accrues on the remaining balance, then your payment is applied. We count the months until the balance reaches zero.
What if my payment doesn't cover the interest?
If your monthly payment is less than or equal to the interest accruing each month, the balance will never shrink — the calculator will flag this so you can enter a higher payment.
How much faster can I pay it off with extra payments?
Enter an extra monthly payment amount to see a side-by-side comparison of payoff time and total interest between your current plan and the accelerated plan.
Is this calculation exact?
It's an estimated calculation. Real-world factors like variable rates, fees, and payment timing can shift the actual results.