Debt Payoff Calculator
See how long it will take to pay off a credit card or loan balance, and how much extra payments could save you.
How Payoff Time Is Calculated
This calculator determines how many months it takes for a fixed monthly payment to fully pay down a balance that's accruing interest, using the same underlying math as a loan amortization schedule, solved in reverse. If your payment is too low relative to your interest rate, the balance never shrinks — it will tell you if this is the case.
Add an optional extra monthly payment to see exactly how many months and how much interest you'd save by paying more than the minimum — often one of the highest-impact financial moves available for high-interest debt like credit cards.
Frequently Asked Questions
Why does my payment need to be higher than "balance times rate"?
If your monthly payment is less than or equal to one month's worth of interest on the balance, the balance will never go down — you'd only be covering the interest, not the principal. The calculator will flag this so you know to increase your payment.
Should I pay off the highest-interest or highest-balance debt first?
Paying off the highest-interest debt first (the "avalanche" method) saves the most money mathematically. Paying off the smallest balance first (the "snowball" method) can help with motivation, even though it costs slightly more in total interest. Both are valid depending on what keeps you consistent.
Does this work for credit cards specifically?
Yes — credit cards are a common use case since they typically carry high variable interest rates. Use your card's current APR as the annual interest rate.
What if my interest rate changes over time?
This calculator assumes a constant interest rate for simplicity. If your rate is variable, treat the result as an estimate that may shift if your rate changes.