Debt Payoff Calculator
See how long it will take to pay off your debt and how much interest you will pay.
Frequently Asked Questions
How is the payoff timeline calculated?+
The calculator uses a standard amortization formula. Each month, interest accrues on your remaining balance at your annual rate divided by 12. Your payment covers the interest first, with the remainder reducing your principal.
What if my payment does not cover the interest?+
If your monthly payment is less than the monthly interest charge, your balance will grow instead of shrink. The calculator will warn you and suggest increasing your payment.
Does this account for minimum payment changes?+
No. Most credit cards reduce minimum payments as balances decline. This calculator assumes a fixed monthly payment, which is the fastest way to pay off debt.
Should I pay off high-interest debt first?+
Generally yes. The avalanche method targets the highest interest rate first, saving the most money over time. The snowball method targets the smallest balance first for psychological wins.