Debt Payoff Calculator
See how long your monthly payment takes to clear a debt, what it costs in interest, and the payment that would get you out by a date you choose.
A debt payoff calculator adds a month of interest to your balance, subtracts your payment, and repeats until nothing is left. A $5,000 balance at 22% APR paid at $200 a month takes 34 payments, 2 years and 10 months, and costs about $1,750 in interest. To be debt-free in 24 months instead, the payment rises to $259.40.
This calculator gives an estimate for general education only and is not financial advice. It assumes one debt at a fixed APR, monthly interest at one twelfth of that rate, a fixed payment and no new charges, fees or rate changes. Your lender's figures will differ. Before changing how you repay debt, check your account terms, and consider speaking with a qualified financial professional or a nonprofit credit counselor.
Time to pay off
2 years, 10 months
- Number of payments
- 34
- Total interest
- $1,749.90
- Total paid
- $6,749.90
- Final payment
- $149.90
Payment to be debt-free in 24 months
$259.40 a month
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About the Debt Payoff Calculator
Each month your lender charges interest on what you still owe, one twelfth of the APR, and only the part of your payment above that interest reduces the balance. That is why small payments stretch so far. At 22% APR, a $5,000 balance runs up about $91.67 of interest in the first month, so a $100 payment knocks barely eight dollars off what you owe. This calculator repeats that month by month, to the cent, until the balance is gone, and reports how many payments it took, the total interest, and the smaller final payment. The second answer works backward: pick a number of months and it gives the fixed payment that clears the debt in that time, rounded up to the cent so you finish on schedule. If your payment does not beat the monthly interest, the balance never falls and the page says so. Use it for one debt at a time. If you have several, run each one, then put any spare money toward the highest rate first to save the most interest, or the smallest balance first if quick wins keep you going. The result assumes a fixed rate and no new charges on the account.
Frequently asked questions
How long will it take to pay off my credit card?+
Enter the balance, the card's APR and the amount you plan to pay each month. At $200 a month, a $5,000 balance at 22% APR takes 34 months. Dropping to $150 a month stretches it to 52 months and raises the interest from about $1,750 to about $2,798.
Why does paying only a little over the interest take so long?+
Because almost all of the payment goes to interest. On $5,000 at 22%, paying just one cent more than the first month's interest each month would take 489 months, over 40 years, and cost about $39,743 in interest. Every extra dollar above the interest goes straight to the balance, so modest increases shorten the timeline a lot.
What payment do I need to be debt-free in two years?+
Type 24 in the months box. For $5,000 at 22% APR the answer is $259.40 a month. The calculator rounds up to the cent so the last payment is never more than the others.
Why doesn't this match my card statement exactly?+
Most card issuers charge interest on your average daily balance, and the number of days in each billing cycle varies, while this calculator uses one twelfth of the APR each month. Rate changes, fees and new purchases will also move the numbers. Expect to be close, not exact.
Should I pay off the highest interest debt or the smallest balance first?+
Paying the highest rate first, often called the avalanche, costs the least interest overall. Paying the smallest balance first, the snowball, costs a little more but closes accounts sooner, which some people find easier to stick with. Either beats spreading extra money evenly.
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