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Debt Payoff Calculator

Estimate payoff time and interest from a balance and payment.

Current balance

APR (%)

Monthly payment

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Enter your numbers

Your result will appear here.

What this debt payoff calculator does

Estimate how long it may take to pay off a debt and how much interest you may pay based on the balance, rate and payment.

How to use the calculator

Enter the current balance, annual interest rate and planned payment. If the payment is too small to cover the interest accruing during a period, the debt may not amortize normally.

How the calculation works

Each payment period first applies interest based on the outstanding balance and periodic rate; the remainder reduces principal. The process repeats until the balance reaches zero or the payment is insufficient.

What the result means

Example: a $1,000 balance at 24% APR with a $100 monthly payment takes about 12 months under the monthly-interest model.

Important assumptions and limitations

This estimate assumes the rate and payment stay constant and generally does not include new charges, late fees, promotional-rate changes or lender-specific rules. Credit-card minimum payments can change as balances change.

Frequently asked questions

How is the payoff date estimated?
The calculator applies monthly interest to the remaining balance and subtracts the fixed monthly payment until the modeled balance is paid off.

What if my payment is less than the interest?
The debt cannot be paid down under the model because the payment does not cover the monthly interest charge.

Does the calculator include new debt?
No. It assumes no new borrowing, fees or changes to the APR during the payoff period.

Can extra payments reduce interest?
Yes. Paying more than the required modeled amount generally shortens the payoff period and reduces total interest.