Debt payoff calculator
Enter a balance, its interest rate and the amount you can pay each month to estimate how long repayment takes and what it costs in interest.
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Debt payoff calculator
Estimate how long a balance takes to repay at a fixed monthly payment, and how much interest you pay along the way.
Assumes a fixed rate, no new charges and no fees. Card issuers calculate interest daily, so actual results can differ slightly.
How this calculation works
Each month, interest is added at one-twelfth of the annual rate and your payment is subtracted. The calculator repeats this until the balance reaches zero.
If the payment does not exceed the monthly interest, the balance never falls — the calculator tells you when that happens.
How to use the result
- Run the calculation twice: once with your current rate and payment, and once with the rate and term of a consolidation offer. The difference in total interest shows whether consolidating may help.
- A lower rate only helps if you avoid adding new balances to the accounts you pay off.
- Results are estimates that exclude fees and new charges.
Compare related options
Sources and regulatory references
Related guides
Debt consolidation: when it helps and when it does not
Consolidation simplifies repayment and can reduce interest, but it only works alongside a change in the underlying pattern.
Understanding APR: what the number actually includes
APR is the most useful single figure for comparing loans, but only if you know what it includes and where it can mislead.
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