Debt Payoff Calculator
Quick answer
A debt payoff calculator estimates how long it takes to clear a balance based on your interest rate and monthly payment. Enter the balance, the rate, and what you pay each month, and it returns the payoff time and total interest. Adding an extra monthly amount shows how much sooner you'd finish and how much interest you'd save.
Payoff time
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Total interest
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How payoff time is calculated
The calculator simulates your debt month by month. Each month it adds the interest charge to the balance, subtracts your payment, and repeats until the balance hits zero. That's exactly how revolving debt like a credit card actually behaves, so the result reflects the real grind of paying down a balance at a given rate.
Why extra payments punch above their weight
Your minimum payment is split between interest and principal, and on a high-rate debt a large share goes to interest. Anything extra you pay, though, goes entirely to principal. That shrinks the balance interest is calculated on next month, which compounds in your favor. It's why throwing even a small extra amount at the debt each month can cut the payoff dramatically. Try setting the extra field to $50 or $100 and watch the payoff time drop.
For the strategy behind which debt to attack first, see our guide to debt payoff strategies.
Frequently asked questions
How long will it take to pay off my debt?+
It depends on your balance, interest rate, and monthly payment. This calculator estimates the number of months to reach a zero balance, and shows how adding extra to each payment shortens that timeline and cuts total interest.
How much does paying extra each month save?+
Often more than people expect. Extra payments go straight to principal, which shrinks the balance interest is charged on. Even a modest extra amount each month can cut months or years off the payoff and save meaningful interest.
What if my payment barely covers the interest?+
If your monthly payment is at or below the monthly interest charge, the balance never falls and the debt can grow. That's a sign you need a lower rate or a different approach, such as a consolidation loan or a debt management plan.