Debt Payoff Calculator
Find out how long it will take to pay off a credit card or loan and how much interest you will pay.
About this tool
Minimum payments are designed to keep debt alive. This calculator shows the real timeline: given a balance, an APR, and a fixed monthly payment, it computes exactly how many months the debt will last and how much interest it will cost before it is gone.
The most useful way to use it is to try a payment 25 or 50 dollars higher and watch what happens to the total interest. On typical credit card rates the effect is dramatic, because every extra dollar goes entirely to principal, and principal is what interest is charged on.
Frequently asked questions
Why does the calculator say my payment is too small?
If the payment does not cover the monthly interest charge, the balance grows instead of shrinking and the debt would never be repaid. The payment must exceed one month of interest.
Should I pay off debt or invest?
A guaranteed saving equal to your APR is hard to beat. Paying down an 18 percent card is equivalent to earning 18 percent risk free, which no investment reliably offers.