Debt Payoff Calculator
Educational estimate · Not financial advice
Estimate how long it may take to pay off a balance and how much interest you may pay based on your APR and monthly payment.
How to use this calculator
Enter the current balance, annual percentage rate, and a realistic monthly payment. Test multiple payment amounts so you can see how paying extra can change the payoff timeline.
Formula and assumptions
The calculator applies monthly interest to the remaining balance and subtracts the monthly payment until the balance is estimated to be paid off. It assumes the APR and payment stay constant.
Example
If a $10,000 balance has a 19.99% APR and a $350 monthly payment, the payoff estimate will show the approximate number of months and estimated interest. Increasing the monthly payment generally reduces both time and total interest.
Limitations
- APR may change on variable-rate accounts.
- Fees, new purchases, deferred interest, and penalty rates are not included.
- The calculator does not replace advice from a qualified professional.
Related resources
Calculator FAQ
Are the results exact?
No. Results are estimates based on the inputs and simplified assumptions.
What should I do after calculating?
Use the result to compare scenarios, then verify current rates, fees, taxes, and terms before making decisions.