Money & Finance
Debt payoff calculator
Enter the balance, the interest rate and what you can pay each month. See the month you will be debt-free and the interest it costs, or work backwards from a date.
- Free, no sign-up
- Runs in your browser
- Nothing uploaded
Debt
Only changes the symbol and number format. No exchange rates are used.
What do you want to know?
Credit cards usually charge 15 to 30%.
Result
Year by year
How to use this tool
- Enter the balance you owe and the yearly interest rate (APR).
- Choose "How long will it take?" and enter your monthly payment, or choose "What must I pay?" and enter a deadline in months.
- Read the payoff time, the total interest and the total you will pay.
- Check the year-by-year table and copy or download the plan.
How it works
Each month interest is added to the balance at one twelfth of the yearly rate, and your payment first covers that interest. Only what is left reduces the debt. The number of months to clear a balance follows from the payment, the rate and the balance.
Months = −ln(1 − B × i ÷ P) ÷ ln(1 + i)
Payment for a deadline = B × i ÷ (1 − (1 + i)−n)
B = balance, i = APR ÷ 12 ÷ 100, P = payment, n = months
Good to know
If your payment is no larger than the monthly interest, the balance never falls. The calculator warns you when that happens. On a 5,000 card at 19.99% APR, paying 200 a month takes 33 months and about 1,521 in interest. Paying 254 clears it in 24 months and saves hundreds.
To clear several debts, list them by rate. The avalanche method pays the highest rate first and costs least. The snowball method pays the smallest balance first and can feel more motivating. Either way, keep paying the old minimums on the rest. The currency selector changes only the symbol and number format.
Frequently asked questions
How long will it take to pay off my credit card?
Enter the balance, APR and monthly payment. The calculator shows the months and the interest.
What if my payment is too small?
If it is less than the monthly interest the debt grows. The calculator tells you the minimum needed to make progress.
Does it include new purchases or fees?
No. It assumes a fixed rate and no new charges.
Is anything sent anywhere?
No. Everything runs in your browser.