Debt Payoff Calculator – See When You'll Be Debt-Free
Our free debt payoff calculator helps you see exactly when you'll make your final payment and how much interest you'll pay along the way. Whether you're tackling a credit card, personal loan, or any other revolving debt, simply enter your balance, interest rate, and monthly payment to get a clear payoff timeline. You can also see how even a small extra payment each month can save you hundreds of dollars and shave months—or years—off your debt.
The total outstanding balance you owe right now.
Your annual percentage rate (APR) as shown on your statement.
Choose how you plan to make payments.
The fixed amount you plan to pay each month. Must be greater than the monthly interest charge.
Used only when 'Minimum Payment' strategy is selected. Typically 1–3% of the outstanding balance.
The smallest payment your lender will accept (usually $25). Only used with the minimum payment strategy.
Any additional amount you can put toward the debt each month above your regular payment.
Your results will appear here
How to Use This Calculator
1. Enter your current outstanding balance in the 'Current Balance' field. 2. Input your annual interest rate (APR) — you can find this on your credit card statement or loan agreement. 3. Choose your payment strategy: 'Fixed Monthly Payment' if you pay the same amount every month, or 'Minimum Payment' if you pay a percentage of your remaining balance. 4. Enter your monthly payment amount (for fixed) or your minimum payment percentage and floor amount (for minimum). 5. Optionally, enter any extra amount you can add to your monthly payment to see how it accelerates your payoff. 6. Click Calculate and review your payoff timeline, total interest paid, and how much you save with extra payments.
How the Debt Payoff Calculator Works
This calculator simulates your debt repayment month by month. Each period, it calculates the interest charged on your remaining balance, adds it to what you owe, then subtracts your payment. This continues until the balance reaches zero.
Fixed Payment vs. Minimum Payment
There are two common repayment strategies modeled here:
- Fixed Monthly Payment: You pay the same dollar amount every month. This is the fastest way to eliminate debt because your payment doesn't shrink as your balance does.
- Minimum Payment (% of Balance): You pay a set percentage of your current balance each month, subject to a minimum floor. Because the payment shrinks as your balance shrinks, it can take many years to fully pay off the debt.
The Power of Extra Payments
Adding even a small amount to your regular payment can have a dramatic effect. For example, on a $5,000 balance at 18.99% APR with a $150 monthly payment, adding just $50 per month can save over $400 in interest and cut more than 8 months off the repayment timeline.
Why Minimum Payments Are Dangerous
Credit card minimum payments are often designed to keep you in debt longer. A 2% minimum on a $5,000 balance at 18.99% APR could take over 30 years to pay off and cost thousands in interest. Always try to pay more than the minimum.
Formulas Used
Each month the calculator applies:
- Monthly Interest = Current Balance × (APR / 12)
- New Balance = Current Balance + Monthly Interest − Payment Made
This loop repeats until the balance reaches $0. The total interest is the sum of all monthly interest charges over the repayment period.