Debt payoff calculator

See how long a balance takes to clear at a fixed monthly payment, and how much a larger payment saves in interest.

How this calculator works

Each month the lender charges interest on the outstanding balance, then your payment reduces the balance by the rest. The lower the payment relative to the interest charge, the longer the payoff — and if the payment is smaller than the monthly interest, the balance never falls.

The calculator also shows what happens if you pay 25% more each month, which is usually the fastest way to cut both the term and the total interest.

The formula

Repeat until the balance reaches zero; the months counted and the interest accumulated are the " results.

Worked example

A 5,000 balance at 22% APR with a 250 monthly payment takes 26 months to clear and costs $1,285.72 in interest; paying 25% more would take 20 months.

Common mistakes

• Paying only the minimum. Minimum payments on high-APR cards are often barely above the monthly interest, stretching payoff to decades.
• Ignoring new spending. A payoff plan only works if you stop adding new charges to the balance.
• Not checking the APR. The rate matters more than the balance: 29% APR turns a small balance into a long, expensive one.