Find out exactly how long it will take to pay off your debt and how much interest you'll pay along the way. Enter your total debt balance, interest rate, and the monthly payment you plan to make.
Months to Pay Off—
Total Interest Paid—
Total Amount Paid—
Estimated Payoff Date—
This calculator provides estimates and is for informational purposes only.
How It Works
This calculator determines how many months it takes to fully repay a debt with fixed monthly payments at a given interest rate. Each month, interest accrues on the remaining balance, and your payment covers that interest plus a portion of the principal. The formula used is: Months = −ln(1 − rP/M) / ln(1 + r), where P is the principal, r is the monthly interest rate, and M is the monthly payment. Your payment must exceed the monthly interest charge, or the balance will never decrease.
Frequently Asked Questions
What happens if I pay more than the minimum each month?
Paying more than the minimum reduces your principal faster, which means less interest accrues each month. Even small increases in your monthly payment can save you thousands in interest and shave years off your payoff timeline.
Should I pay off high-interest debt first?
The "avalanche method" (paying off the highest interest rate first) saves the most money in total interest. The "snowball method" (paying off the smallest balance first) can provide motivational wins. Both are valid strategies depending on your situation.
Does this calculator work for credit card debt?
Yes, as long as you enter the full outstanding balance and APR. Note that many credit cards use daily compounding, so actual results may differ slightly. This calculator assumes monthly compounding, which provides a close approximation.