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Credit Cards

Debt Payoff Calculator

See how long it takes to clear any fixed-rate debt and how much interest you'll pay at a set monthly payment.

Your details

Time to pay off
3 yrs 11 mos
Total interest
$3,967.21
Total paid
$13,967.21

Principal vs interest

$14.0KTotal
Principal
$10,000.0072%
Interest
$3,967.2128%
Time to pay off3 yrs 11 mos

Formula

Each month interest = balance × APR/12 is added, then your payment reduces the balance until it reaches zero.

How it works

The calculator adds one month's interest to the balance, subtracts your fixed payment, and repeats until the balance reaches zero — tracking the months and total interest. A larger payment clears the debt faster and costs less overall.

Frequently asked questions

What's the fastest way to pay off several debts?⌄

Pay minimums on all, then throw extra at one target — the highest rate (avalanche) to save the most interest, or the smallest balance (snowball) for motivation.

Does the interest rate or the balance matter more?⌄

The rate drives how fast a balance grows, so high-rate debt is usually the most expensive to carry and the most valuable to clear first.

Will a bigger payment really help that much?⌄

Yes. Because extra dollars go straight to principal, raising your payment can cut both the payoff time and the total interest sharply.

Sources & methodology

Last updated: 2026-07-20

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Learn more

Debt Avalanche vs Snowball: Two Ways to Get Out of DebtThe debt avalanche saves the most interest; the snowball builds momentum. How each method works and how to choose the right one.How Credit Card Interest Really WorksHow credit card interest is calculated: the daily periodic rate, compounding, the grace period, and why minimum payments cost you.How to Pay Off Credit Card Debt FasterProven ways to clear credit card debt: pay above the minimum, snowball vs avalanche, and balance transfers.Should You Consolidate Your Debt?When debt consolidation saves money, the main tools (personal loan, balance transfer, home equity), and the trap that leaves people worse off.What Affects Your Credit ScoreThe five factors behind your credit score, why payment history and utilization dominate, and how to improve fastest.
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