Debt Payoff Calculator
Find out when you will be debt-free. Enter what you owe, the interest rate and your monthly payment to see the payoff time and total interest.
How it works
- 1
Enter the balance
The amount you currently owe.
- 2
Add rate and payment
Annual interest rate and what you pay each month.
- 3
See your payoff date
Years and months to pay off, total interest and total paid.
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Frequently asked questions
Your payment does not cover the monthly interest, so the balance would never go down.
Paying off debt faster
Each month interest is added to the balance and your payment is subtracted. If the payment barely covers the interest, the debt shrinks very slowly — on a credit card at 18% or more, paying only the minimum can take many years.
Even a small increase in the monthly payment cuts both the time and the interest dramatically. With several debts, the avalanche method (highest rate first) saves the most interest. This is not financial advice.