Debt Payoff Calculator
See exactly when a debt will be paid off. Enter your balance, APR, and monthly payment to get your payoff timeline, total interest, and debt-free date.
One extra payment changes everything — this calculator shows your payoff date, total interest, and total paid for any single debt, from credit cards to personal loans. It also warns you when your payment doesn't even cover the monthly interest.
How to use this calculator
- Enter your current balance — the amount you owe today.
- Enter the annual interest rate (APR) as a percentage.
- Enter the monthly payment you plan to make.
- Click Calculate to see your payoff timeline, total interest, and debt-free date.
- Try a higher payment to see how much time and interest you save.
The formula
Each month: interest = balance × APR ÷ 12, then balance = balance + interest − payment, repeated until the balance reaches zero.
Worked example
A $5,000 credit card balance at 18% APR with $150 monthly payments takes 47 months — just under 4 years — to pay off. You'd pay $1,983.60 in interest, for a total of $6,983.60.
Frequently Asked Questions
How is the payoff time calculated?
Each month, interest is charged on the remaining balance at your APR divided by 12, then your payment is applied to the new balance. The simulation repeats until the balance hits zero, counting the months. The final month uses a smaller partial payment, so the total is exact rather than rounded up to a full payment.
What does it mean if my payment doesn't cover the interest?
If your monthly payment is less than or equal to one month's interest charge, the balance never shrinks — you're treading water or sinking. For example, a $5,000 balance at 18% APR accrues $75 of interest per month, so any payment of $75 or less never pays it down. You need to raise the payment above the monthly interest to make progress.
Does paying extra really save that much interest?
Yes, disproportionately. Because interest is charged on the remaining balance, every extra dollar early on avoids interest in every later month. On a $5,000 balance at 18% APR, raising the payment from $150 to $200 cuts the payoff from 47 months to 32 months and saves about $670 in interest.
Is the APR the same as the interest rate used here?
The calculator converts your APR to a monthly rate by dividing by 12, which is the standard method for credit cards and most installment loans. Some loans compound differently or add fees, so treat the result as a close estimate and check your statement for the exact payoff figure.
Should I use this or the debt snowball calculator?
Use this one when you have a single debt and want the fastest answer. If you juggle several debts, the debt snowball calculator compares payoff strategies across all of them and shows how extra payments cascade from one debt to the next.