Free Debt Payoff Calculator
Enter your debt balance, interest rate and monthly payment to see exactly when you'll be debt-free and how much interest you'll pay. See how much a higher payment helps.
Debt Payoff Calculator
Mr B says: Even a small increase to your monthly payment cuts the interest dramatically. Try bumping the payment by $50 and watch the payoff date move forward — it's satisfying.$
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Debt payoff summary
Months to pay off—
Payoff date—
Total interest paid—
Total amount paid—
⚠️ Your monthly payment doesn't cover the interest. Increase the payment amount to make progress.
⚠️ This tool is for general guidance only and is not financial advice.
Common questions
Debt payoff questions
It depends on your balance, interest rate, and monthly payment. At a 20% APR on a $5,000 balance, paying $150 per month takes about 48 months and costs over $2,100 in interest. Paying $250 per month cuts that to 25 months and saves about $1,200. Enter your numbers above to see your exact figures.
Significantly. On a $10,000 credit card at 20% APR, paying the minimum (say $200) takes roughly 94 months and costs about $8,800 in interest. Paying $400 cuts it to 32 months and saves about $5,900. Even an extra $50 per month has a material effect on both the timeline and the total cost.
APR stands for Annual Percentage Rate. It is the annual cost of borrowing expressed as a percentage. This calculator converts APR to a monthly rate (APR ÷ 12) to calculate how much interest accrues each month before your payment is applied to the balance.
Use our Snowball vs Avalanche Calculator to compare both strategies side by side. The avalanche method (highest interest first) minimises total interest paid. The snowball method (smallest balance first) provides quicker wins to maintain motivation. Both beat making only minimum payments.