Debt Payoff Calculator
Estimate how long a fixed monthly payment may take to eliminate a revolving or installment balance when interest accrues monthly. The calculator shows payoff time, total payments and estimated interest under a constant-rate assumption.
Assumes a constant APR, no new charges and a fixed monthly payment. Actual lender accrual methods and fees can differ.
How this tool works
Each month, interest = balance × APR ÷ 12. The payment first covers that interest and the remainder reduces principal. The process repeats until the balance reaches zero.
Example
On a $10,000 balance at 18% APR, increasing the monthly payment can dramatically reduce both payoff time and total interest because principal falls faster.
Common questions
What if my payment is too low?
If the payment does not exceed the first month's interest, the balance will not amortize under this simplified model.
Are changing rates included?
No. The calculator assumes a constant APR and fixed monthly payment.