Debt Payoff Calculator
Debt Payoff Calculator
See how fast you can become debt-free. Enter your balance, monthly payment, and APR to calculate payoff time and total interest.
How It Works
Months = -log(1 - B × r / P) / log(1 + r), where B = balance, r = monthly rate, P = payment.
About This Calculator
What It Does
Calculate how many months it takes to pay off your credit card or loan debt. Enter balance, monthly payment, and APR.
Worked Example
A $5,000 balance at 18% APR with $200 monthly payments: payoff in ~32 months. Total interest ≈ $1,400. Total repayment ≈ $6,400.
Real-World Usage
Use for credit card debt, personal loans. See how increasing your payment shortens payoff time. Try the snowball method by attacking highest-rate debt first.
Local Context
Credit card APRs: US 15-30%, UK/EU 15-25%, Canada 19-22%. Balance transfers can reduce interest. Making only minimum payments extends payoff for decades.
Last reviewed: May 2026.
This is an estimate. Actual payoff time depends on additional fees, rate changes, and payment consistency.
Frequently Asked Questions
How long to pay off $5,000 at 18% APR with $200/month?
About 32 months (2 years, 8 months). Total interest ≈ $1,400.
What if my payment is too low?
If your monthly payment is less than the monthly interest charge, the debt grows — you will never pay it off.
How can I pay off debt faster?
Increase your monthly payment. Even $50 more per month can save years and thousands in interest.