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Debt Payoff Calculator

Enter your balance, interest rate, and monthly payment to see exactly when you'll be debt-free and how much interest you'll pay along the way.

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What do you want to work out?
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Total interest you'll pay
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Total you'll pay back
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Payoff date (from today)
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An estimate that assumes a fixed APR and consistent payments. Your actual payoff depends on your lender's terms and any rate changes.

How the debt payoff calculator works

The tool runs a month-by-month simulation. Each month it adds interest to your balance, subtracts your payment, and repeats until the balance hits zero — so the timeline and total interest are exact, including the smaller final payment.

Three levers to get debt-free sooner

  • Pay more each month. Anything above the interest charge goes straight to principal.
  • Lower the interest rate. A balance transfer or consolidation loan can cut the rate and the time.
  • Attack the right debt first. Highest-rate first (avalanche) saves the most money.

Tackling credit cards specifically? The Credit Card Payoff Calculator also shows the cost of paying only the minimum. Learn how interest builds in What Is APR?

Frequently asked questions

How long will it take to pay off my debt?
It depends on your balance, interest rate, and monthly payment. The calculator simulates your payoff month by month and shows the exact timeline and total interest. Paying more each month — even a little — can dramatically shorten it.
Why does my balance barely move some months?
On high-interest debt, a large share of an early payment goes to interest, not principal. If your payment is only slightly above the monthly interest, payoff is painfully slow. That's why lowering the rate (via a balance transfer or consolidation loan) can help so much.
Snowball or avalanche — which is better?
The avalanche method (highest interest rate first) saves the most money mathematically. The snowball method (smallest balance first) gives quicker wins that help motivation. The best method is the one you'll actually stick to.

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