Debt Payoff Calculator
How the debt payoff calculator works
Enter your balance, your interest rate (APR) and the amount you can pay each month. The calculator steps through the debt month by month: interest is added to the remaining balance, your payment is subtracted, and the process repeats until the balance reaches zero. You see how long it takes and how much interest you pay.
Example
A $8,000 credit card balance at 22% APR paid down at $300 a month takes about 3 years and 1 month and costs roughly $3,100 in interest. Adding just $50 a month cuts the payoff time by about seven months.
When the payment is too low
If your payment is no more than the interest charged each month, the balance never goes down. The calculator will warn you and show the monthly interest so you can set a payment that makes progress.
Ways to pay off debt faster
Pay more than the minimum, even a small amount. Put windfalls such as tax refunds toward the balance. Ask your lender for a lower rate, or consider a lower-rate balance transfer, checking the fees first. If you have several debts, the avalanche method pays the highest rate first and saves the most interest, while the snowball method pays the smallest balance first for quicker wins.
Frequently asked questions
Avalanche or snowball, which is better?
Avalanche costs less in interest. Snowball can be easier to stick with because small debts disappear sooner. The best method is the one you will keep doing.
More free calculators
Estimates for education only, not financial advice.