Debt Payoff Calculator
Enter your balance, annual interest rate, and monthly payment to see how long it takes to clear the debt — and how much extra you pay in interest.
How it works
Each month interest of annual rate ÷ 12 is added to the balance, your payment is subtracted, and it repeats until the balance hits zero. A bigger payment cuts both the time and the total interest.
Read next
Debt snowball vs. avalanche: which payoff strategy wins →
Frequently Asked Questions
Does paying a little extra really help?
Yes. Extra payments go entirely to principal, so even a small monthly increase noticeably cuts the total interest and the payoff time.
Why does it say the debt is never paid off?
If your monthly payment is less than that month’s interest, the principal never falls. You must pay more than the interest for the balance to shrink.
What matters more, the rate or the payment?
Both, but the payment is usually what you control. Attacking the highest-rate debt first is the key to minimizing total interest.
This calculator is an educational estimate, not individual financial advice. It ignores fees and variable rates.