Debt Payoff Calculator
See exactly how long it takes to pay off a debt — and what it costs in interest.
Not financial advice. Results assume a fixed monthly payment and constant APR.
How debt amortization works
Each month, interest accrues on your remaining balance. Your payment first covers that interest; the rest reduces the principal. This cycle repeats until the balance reaches zero. Because early payments are mostly interest, even a small extra payment can meaningfully shorten your payoff timeline.
The minimum payment trap is real: if your payment barely covers the monthly interest, your balance shrinks so slowly that you end up paying far more in total than the original debt. That’s why this calculator shows total interest paid — it’s the true cost of the debt.
FAQ
What happens if my payment is too low? If your monthly payment is less than or equal to the first month’s interest charge, the balance will never decrease. The calculator flags this as “debt will never be paid off.”
Does this work for credit cards? Yes — enter your current statement balance, your card’s APR, and the payment you plan to make each month.
Is my data sent anywhere? No. All calculations run locally in your browser. Nothing is uploaded or stored.