Debt Payoff Calculator
If you know your balance, interest rate, and how much you can pay each month, this calculator tells you exactly how long payoff will take and the total interest you'll pay along the way.
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How It Works
This calculator simulates your debt month by month: each period, interest accrues on the remaining balance, your payment covers that interest first, and whatever is left over reduces the principal. It repeats until the balance hits zero, tallying total interest paid along the way. If your payment doesn't even cover a single month's interest, the balance would grow forever, so the calculator will flag that instead of returning a payoff date.
Worked Example
An $8,000 balance at 18% APR, paid down at $300/month, takes roughly 35 months (just under 3 years) to clear, with about $2,470 of that total going to interest rather than principal. Bump the payment to $400/month and payoff time drops to around 24 months — over a year faster — while total interest falls to roughly $1,570. That gap illustrates why even a modest increase in monthly payment can meaningfully shrink both the timeline and the total cost of carrying a balance.