Debt Payoff Calculator
Find out how long it takes to pay off a credit card or loan and how much interest you will pay.
When to use this calculator
Use this calculator when you want a clear date and a clear cost for getting out of debt. Type in the balance, the interest rate and what you can pay each month, and try bigger payments to see how much time and interest they save.
How this calculator works
Each month interest is added to your balance and your payment is subtracted. The calculator finds how many months this takes until the balance reaches zero.
Step-by-step example
Using these inputs: Balance: $8,000; Interest rate: 22% APR; Monthly payment: $300.
A balance of $8,000 at 22% APR paid at $300 a month takes 3 years and 1 month and costs $3,083 in interest, so you pay $11,083 in total.
Tips for a better estimate
- Pay more than the minimum. Minimum payments mostly cover interest and keep you in debt for years.
- Focus extra money on the highest-rate balance first (the avalanche method) to save the most interest.
- If your payment is not higher than one month of interest, the balance will never shrink, so raise the payment.
FAQ
What if my payment is too low?
If your payment is not higher than the monthly interest, the balance never goes down. Increase the payment.
Does paying extra help?
Yes. Even a small extra payment each month cuts the time and the interest.
Avalanche or snowball method?
The avalanche method pays the highest interest rate first and saves the most money. The snowball method pays the smallest balance first and can feel more motivating. Both work if you stick with them.
Will a balance transfer help?
It can if the transfer fee is small and you pay the balance off before the promotional rate ends. Read the terms carefully.
Does this work for loans as well as cards?
Yes, for any balance with a fixed monthly payment and a steady rate, though some loans have fees or rules that change the exact payoff.
Rates and limits last updated: October 2026. This is an estimate for general information only, not financial, tax or legal advice.
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