Debt Payoff Calculator
Enter a debt balance, interest rate, and monthly payment to simulate the full payoff timeline, showing how many months it takes and the total interest paid — useful for planning extra payments to pay off debt faster.
All calculations happen on your device — no financial figures are sent to a server.
For informational purposes only — not financial advice. Assumes a fixed monthly payment and interest calculated monthly on the remaining balance.
What this tool does
Calculates how long a debt takes to clear at a given balance, interest rate and fixed monthly payment, with the total you will pay and the total interest.
When to use it
- Planning to clear a credit card or a personal loan.
- Seeing what raising your monthly payment does to the time and the interest.
- Deciding which debt to tackle first.
- Understanding the real cost of paying only the minimum.
How to use it
- Enter the current balance.
- Enter the annual interest rate and the monthly payment you intend to make.
- Run the calculation and read the duration, the total paid and the total interest.
A practical example
Input
A card balance at a high rate with a fixed monthly payment.
Output
The number of months to clear it, the total paid and the total interest — raise the payment slightly and watch how far those last two figures fall.
Limitations
- This is for information only and is not financial advice.
- If the monthly payment is less than the monthly interest, the balance grows and is never cleared — which is exactly what happens paying the minimum on a high-rate card.
- It assumes a fixed rate and payment with no new purchases on the account.
- It excludes annual fees and late-payment charges.
Privacy and processing
Your balance, rate and payment are computed on your device and never sent anywhere.
Technical notes
- The calculation runs month by month: interest is charged on the outstanding balance and then the payment is deducted, which is how cards actually work.