Money calculator
Debt Payoff Calculator
Estimate payoff time, interest, and the payment needed to meet a target date.
Your plan
Enter your details to see a practical estimate.
How to use this calculator
Use the current balance and annual percentage rate from a recent statement, and enter the payment you can make consistently each month.
If you have a payoff date in mind, add it to compare your current payment with the estimated payment needed to meet that date.
Keep new charges, fees, promotional-rate changes, and other debts outside this single-debt estimate unless you have accounted for them separately.
Worked example: paying off a $5,000 balance
Imagine a $5,000 balance at 18% APR with a consistent $250 monthly payment and no new purchases.
- Current balance: $5,000
- APR: 18%
- Monthly payment: $250
- Estimated payoff duration: about 24 months
Under those assumptions, the calculator estimates roughly $1,000 in interest using rounded monthly payments. Paying more or choosing an earlier payoff date lowers the estimated time and interest.
How this debt payoff calculator works
A debt payoff calculator estimates how long a fixed monthly payment may take to eliminate one balance. It applies the entered annual percentage rate as monthly interest, then models repeated payments until the balance reaches zero.
The estimate is useful for comparing payment amounts and target dates, but it is not a loan statement or financial advice. Credit-card interest, fees, timing of payments, and new charges can change the actual result. Confirm terms and payment options with your lender.
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Frequently asked questions
Why does the calculator say my balance will not be paid off?
Your payment must be greater than the estimated monthly interest. If it is not, the balance does not decline under the calculator’s assumptions.
Does this include new purchases or late fees?
No. The estimate assumes no new charges, no fees, a fixed APR, and the same payment every month.
How is a target payoff date used?
The calculator estimates the monthly payment needed to pay the entered balance by that future date, using the APR you supplied.
What if my APR is 0%?
Enter 0 for APR. The estimate then divides the balance across the planned monthly payoff period without interest.