Find out how long until you're debt-free, how much interest you'll pay, and the total cost of your balance.
Assumes a fixed monthly payment and no new charges. Estimates only — not financial advice. Verify with your lender/advisor.
A debt payoff calculator shows how long it takes to clear a balance at a fixed monthly payment, plus the total interest and total cost, by simulating each month of interest and principal until the balance reaches zero.
The calculator amortizes month by month: each month the interest equals your balance times the APR divided by 12, the principal equals your payment minus that interest, and the balance drops by the principal. It repeats until the balance reaches zero. Estimates only, not financial advice.
If your monthly payment is less than or equal to the first month's interest, none of it reduces the principal and the balance never shrinks, so the debt is never paid off. Your payment must exceed the first month's interest to make progress.
Paying more than the minimum each month sends extra money straight to principal, which shortens the payoff time and cuts total interest. A lower APR, for example through a balance transfer, also reduces the interest you pay.