Debt Payoff Calculator
See how long it takes to pay off a balance and what extra payments save.
Estimate only. Real cards and loans may change their rate, add fees or calculate interest daily, so your statement may differ slightly.
| Monthly payment | Time to pay off | Total interest |
|---|---|---|
| $150 | 4 yrs 1 mo | $2,328 |
| $200 | 2 yrs 9 mo | $1,423 |
| $300 | 1 yrs 8 mo | $802 |
| $400 | 1 yrs 3 mo | $300 |
| $500 | 1 yrs 0 mo | $25 |
How much does the monthly payment matter?
Paying a little more each month shortens the payoff dramatically, because less of each payment goes to interest. Example: a $5,000 balance at 20% APR with no new spending.
| Monthly payment | Time to pay off | Total interest | Total paid |
|---|---|---|---|
| $150 | 50 months (4.2 years) | $2,359 | $7,359 |
| $200 | 33 months (2.8 years) | $1,522 | $6,522 |
| $300 | 20 months (1.7 years) | $907 | $5,907 |
| $500 | 12 months (1.0 years) | $515 | $5,515 |
Figures assume interest is charged monthly at APR/12 and the payment is the same every month. Your lender's exact method may differ slightly.
Avalanche vs snowball: which debt first?
If you have several debts, two common strategies are:
- Avalanche: put any extra money on the debt with the highest interest rate first. This costs the least interest.
- Snowball: put extra money on the smallest balance first. You clear debts sooner, which some people find more motivating.
Worked example: three debts — $1,000 at 9%, $4,000 at 24% and $8,000 at 7% — with minimum payments of $25, $80 and $150 plus $100 extra per month. Snowball (smallest first) takes 46 months and about $3,193 in interest. Avalanche (24% card first) takes 45 months and about $2,862, saving roughly $330. The gap grows when the rates are further apart. Both beat paying only the minimums.
To compare scenarios for one debt, change the monthly payment in the calculator above and watch the payoff time and total interest.
Frequently asked questions
How long will it take to pay off my credit card?
It depends on your balance, interest rate and monthly payment. For example, a $5,000 balance at 19.9% APR paid at $200 a month takes about 2 years and 9 months and costs about $1,423 in interest.
How much do extra payments help?
A lot. Adding $100 a month to that example cuts the payoff time to about 1 years and 8 months and saves around $620 in interest.
What happens if my payment is too low?
If your payment is no bigger than the monthly interest, the balance never goes down. The calculator will tell you when a payment is too low to ever clear the debt.
Should I pay off the highest interest debt first?
Paying the highest-rate debt first (the avalanche method) saves the most interest. Some people prefer to clear the smallest balance first (the snowball method) for motivation. Either works if you keep paying.
Does this work for loans as well as cards?
Yes. Any balance with a fixed interest rate and a fixed monthly payment works, including personal loans and store cards. For fixed-term loans, the loan calculator also shows the standard payment for a set term.
Why does the calculator say my payment is too low?
Your monthly payment does not cover the interest added each month, so the balance would never fall. Divide your APR by 12 and multiply by your balance to see the minimum payment needed just to stand still, then pay more than that.
How is the monthly interest calculated?
This calculator charges interest each month at APR ÷ 12 on the remaining balance, then subtracts your payment. Many cards charge interest daily, so your statement may differ by a small amount.
Does paying extra at the start matter more than paying extra later?
Yes. Extra money paid early removes balance that would otherwise earn interest for the whole remaining term, so the same extra amount saves more interest the sooner it is paid.
Should I pay off the highest rate or the smallest balance first?
Paying the highest rate first costs the least interest, while clearing the smallest balance first gives quicker wins. The worked example above compares the two on the same debts.
About this tool
This debt payoff calculator simulates your balance month by month, adding interest and subtracting your payment, to show how long it takes to clear the debt and how much interest you will pay. The extra payment comparison shows how much time and money you could save by paying a little more.
Your payment has to beat the monthly interest
Each month the lender adds interest of roughly balance × APR ÷ 12 before your payment is applied. If your payment is no bigger than that, the balance never falls and the calculator shows "Payment too low". On a $5,000 balance at 20% APR the first month's interest is $83.33, so $83 never clears the debt. The step above that is steep: paying $84 takes 293 months (about 24 years) and costs $19,543 in interest, while paying $100 takes 109 months (9 years 1 month) and costs $5,780. A payment only slightly above the interest is barely paying the debt down at all.
| Balance | APR | First-month interest |
|---|---|---|
| $2,000 | 18% | $30.00 |
| $5,000 | 20% | $83.33 |
| $8,000 | 22% | $146.67 |
| $10,000 | 24% | $200.00 |
A bigger balance at a higher rate
Credit card rates in the mid-20s turn a four-figure balance into a long project. For $10,000 at 24% APR, the first month's interest alone is $200, so payments below that go nowhere. The table shows how much each extra step in the monthly payment is worth.
| Monthly payment | Time to pay off | Total interest | Total paid |
|---|---|---|---|
| $250 | 6 yrs 10 mo | $10,138 | $20,138 |
| $300 | 4 yrs 8 mo | $6,488 | $16,488 |
| $400 | 3 yrs | $3,602 | $13,602 |
| $600 | 1 yr 9 mo | $1,973 | $11,973 |
What an extra $100 a month does
For $8,000 at 22.9% APR paying $250 a month, the debt takes 50 months and costs $4,451 in interest. Adding $100 a month, for $350 in total, clears it in 31 months with $2,371 of interest, a saving of $2,080 and nineteen fewer months. Use the "extra monthly payment" box above to try your own numbers.
Practical ways to speed things up
Keep paying the same amount even as the minimum falls, because lenders recalculate the minimum on the lower balance and following it quietly stretches the debt out. Send any windfall, such as a tax refund or bonus, as a one-off extra payment, because it removes balance that would otherwise keep earning interest. If you are paying a high rate and your credit allows it, a lower-rate loan or balance transfer can cut interest, but check the fee and the rate you will pay when any introductory period ends.