Debt Payoff Calculator
See how long it takes to pay off a debt and how much interest you'll pay.
Your answer
Turn on JavaScript to use this calculator. The formula is explained below so you can work it out by hand.
How this calculator works
Each month, interest is added at one-twelfth of the APR, then your payment is subtracted. The calculator repeats that until the balance reaches zero.
Monthly interest = balance × (APR ÷ 12)
New balance = balance + monthly interest − payment
If your payment is less than the first month's interest, the balance grows and never gets paid off. Credit card issuers may calculate interest daily, so your statement can differ slightly.
Example
A $5,000 balance at 22% APR with a $200 monthly payment takes about 3 years to pay off. Adding $50 a month shortens that and cuts the interest. Try it above to see the exact numbers.
Category: Personal Finance