Debt Payoff Calculator
Find out exactly when you'll be debt-free, how much interest you'll pay, and what happens if you pay a little more each month.
Enter your numbers
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Time to debt-free
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Assumes a fixed APR and no new charges.
Balance and interest over time
How your remaining balance declines while cumulative interest grows.
- Remaining balance
- Cumulative interest
Amortization schedule
What if you paid more?
Same balance and APR as above. Scenario A is your base payment; scenario B adds an extra amount every month.
| Scenario A (base) | Scenario B (+ extra) | B − A | |
|---|---|---|---|
| Months to payoff | — | — | — |
| Total interest | — | — | — |
| Payoff date | — | — | — |
How it works
Each month, interest is added to your balance and your payment reduces it. The number of months comes from the standard amortization formula:
Where B is the balance, r the monthly rate (APR ÷ 12), and PMT your monthly payment. Total paid is n × PMT, and total interest is total paid minus the original balance.
One critical edge case: if your payment is not larger than the monthly interest charge (r × B), the balance never shrinks and the debt is never paid off — the calculator will tell you so.
Avalanche vs snowball, with numbers
Take two debts — $5,000 at 22% APR and $3,000 at 15% APR — with $400 a month to throw at both (pay each card's 2%-of-balance minimum first, then aim the rest at the target debt). The avalanche method (highest rate first) clears both in 25 months with $1,638 in total interest. The snowball method (smallest balance first) takes 26 months and costs $1,928. Avalanche saves about $290 and one month. The gap widens with bigger balances and wider rate spreads — snowball's real edge is psychological, a quick first win that keeps some people paying.
The minimum-payment trap
Cards often set the minimum around 2% of the balance. On $10,000 at 20% APR, a $200 minimum barely outruns the $167 monthly interest charge: it takes 108 months — just over 9 years — and piles on $11,680 in interest, more than the original debt. Minimums are designed to stretch repayment for years. Even the "What if you paid more?" comparison above shows how a modest extra amount each month breaks the trap.
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Frequently asked questions
What happens if my payment only covers the interest?
Then the balance never drops and you are treading water. You must pay more than the monthly interest charge, which is your balance times the APR divided by 12, for the principal to start falling.
Should I pay more than the minimum payment?
Almost always yes. Minimum payments are designed to stretch repayment over many years. Even a small extra payment each month can cut the payoff time dramatically because less interest accrues.
Does this calculator include fees or penalties?
No. It assumes a fixed APR, no new charges, and no late or annual fees. If your card adds fees, the real payoff will take a little longer than shown.
Debt avalanche or debt snowball — which is better?
The avalanche method, paying the highest APR first, saves the most interest mathematically. The snowball method, smallest balance first, gives quicker wins that keep some people motivated. Pick the one you will actually stick with.